02929cam a2200277 a 4500 1/51339 070115s2006 lu u pdd 0 0eng 1016-8060 (print) 1725-3187 (online) KC-AI-06-255-EN-C 34230 GR-PeUP ΚΕΤ Αλφαβητική σειρά Lamine, Baudouin. Monetary and exchange rate agreements between the European Community and Third countries / by Baudouin Lamine Brussels- Belgium: European Comission: Directorate-General for Economic and Financial Affairs, 2006 83 σ. ; πίν., χάρτες: 30 εκ. European Economy. Economic papers ; Περιέχει βιβλιογραφία Economic Papers On 1 January 1999, the euro became the single currency of eleven EU Member States, thereby replacing the different national currencies at the respective irrevocably fixed conversion rates. The Member States concerned ceded their monetary policy powers to the European System of Central Banks (ESCB) 1 and 2, while the Council of Ministers became responsible for the euro area's exchange-rate policy. The participating Member States thus lost their competence to decide on monetary and exchange rate policy issues, and hence also to conclude monetary or exchange-rate agreements with third countries. Such agreements have now come within the exclusive competence of the Community as far as they relate to the euro. ...The purpose of this Paper is to offer an overview of the monetary and exchange rate agreements between the EC and third countries which have been concluded under Art 111.3 EC. All these agreements pertain to cases where participating EU Member States had concluded bilateral arrangements of the same type before joining the euro area. The conclusion of monetary and exchange rate agreements is indeed not an objective of the Community, but results from specific circumstances and needs. The main objective of all arrangements concluded so far is therefore to ensure the continuity of existing relations following the introduction of the euro. As recently underlined by the ECB (ECB, 2006), these agreements have satisfactorily worked and have not hindered the functioning of the euro area. On the contrary, they have fostered the development of deep and stable economic relations, notably in the trade area, with the Community thanks to the stable exchange rates involved or thanks to the sharing of the same currency. European Commission : Directorate-General for Economic and Financial Affairs. Economic papers September 2006, No 255 European Economy. Economic papers ; 255 INST UNIPILB KET 20090310 EEEP 255 EEEP 255 NOLOAN 23 1 http://ec.europa.eu/economy_finance/publications/publication_summary666_en.htm