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No 10 (December 97/Décembre 97/Dezember 97)
On 5 November, the Commission adopted a Communication entitled "The impact of the changeover to the euro on Community policies, institutions and legislation"(1) . Single Market legislation is one of the main areas affected by the changeover and DG XV's euro task force carried out an «audit» of this legislation. Sensitive references were easily identified, when clauses featured «ECU»; others were less direct e.g. where national currency is referred to and the legislation assumes distinct currencies with a potential exchange rate risk.
In a second step, all «euro sensitive» clauses were grouped into categories for analysis. Monetary clauses are the largest single category. Such clauses govern the transposition into national law of the amounts of ceilings, thresholds and other ECU amounts in EU Directives. The «monetary clauses» were further grouped into 5 main types. The results are succinctly stated below:
The Single Market legislation on financial services is also affected by clauses other than purely monetary references. In the area of banking and insurance «clarification notices» have been drawn up and discussed with the relevant consultative committees. These provide guidance on matters such as the impact of the disappearance of foreign exchange risk, the treatment of traded debt positions, derivative contracts, currency matching and interest rate guarantee rules.
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(1) COM (97) 560