Key Benefits:
Law of 26 March 1998 laying down rules on common exchange rate arrangements for the euro and amendments to certain other laws
We Beatrix, at the grace of God, Queen of the Netherlands, Princess of Orange-Nassau, etc. etc. etc.
All of them, who will see or hear these, saluut! do know:
In this regard, we considered that it is necessary to adapt legislation in order to take account of the participation of the Netherlands in the third stage of economic and monetary union, and to make a new provision for the provision of a new provision in the field of currency exchange rate of the euro against the currency of non-euro area Member States;
In this way, we, the Council of State, and with the mean consultations of the States-General, have been well-regarded and understood to be right and to be understood by the following:
For the purpose of this Act:
Exchange rate arrangements: arrangements regarding the exchange rate referred to in Article IV Section 2 of the Articles of Agreement of the International Monetary Fund;
(b) Member State shall mean a State which is a member of the European Community;
c. Member States of the euro area; Member States which have adopted the single currency, called euro, in accordance with Article 109j (4) or Article 109k (2) of the Treaty establishing the European Community;
d. Our Minister: Our Minister of Finance;
e. de Bank: De Nederlandsche Bank N.V.
Our Minister is empowered, with a view to the conduct of one exchange rate policy by the Member States of the euro area, after consultation with the Bank and the Second Chamber of the States-General, on behalf of the Netherlands jointly with the Member States of the euro area to conclude exchange rate arrangements relating to the exchange rate of the euro vis--vis the currencies of non-euro area Member States.
Our Minister is not participating in decisions concerning the conclusion of formal agreements on an exchange rate system for the euro vis--vis non-Community currencies as referred to in Article 109 (1) of the Treaty than after consultation with the Second Chamber of the States-General.
The Law on the exchange rate of the guild shall be repealed.
This Act shall enter into force on a date to be determined by Royal Decree which may be decided differently for the various chapters and articles.
Burdens and orders that it will be placed in the Official Gazette, and that all ministries, authorities, colleges and officials who so concern will keep their hands on the precise execution.
Issued in Gravenhage, 26 March 1998
Beatrix
The Minister of Finance,
G. Zalm
Published the ninth of April 1998The Minister of Justice,
W. Sorgdrager
