European Monetary Union Prof. Dr. Jovan Pejkovski Since 1 January 2002, more than 300 million European citizens have been using the euro as a normal part of daily life.
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--cutting interest rates,
--reducing budget deficits to a maximum of 3% of GDP,
--limiting public borrowing to a maximum of 60% of GDP and
--stabilising the currency’s exchange rate.
= 40.3399 Belgian francs
= 1.95583 Deutsche Mark
= 340.750 Greek drachmas
= 166.386 Spanish pesetas
= 6.55957 French francs
= 0.787564 Irish pounds
= 1,936.27 Italian lire
= 40.3399 Luxembourg francs
= 2.20371 Dutch guilders
= 13.7603 Austrian schillings
= 200.482 Portuguese escudos
= 5.94573 Finnish markkasIrevocably fixed euro conversion rates
Article 105(2) of the EC Treaty and Article 3.1 of the Statute of the ESCB conferupon the Eurosystem the sole competence for the following basic tasks:
• the issue of euro banknotes as the only such notes to have the status of legaltender in the euro area (Article 106(1) of the EC Treaty and Article 16 of theStatute);
• the collection of the statistical information necessary for the tasks of theEurosystem (Article 5 of the Statute).
ECB guidelines and ECB instructions are special types of legally binding andjudicially enforceable instruments. They are enacted to ensure that decentralisedoperations are carried out consistently by the NCBs in line with the internaldivision of competences.