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ARTICLE · 11 NOVEMBER 1998

The Euro - Will Your Business Transactions Be Affected?

Minter Ellison
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AustraliaAntitrust/Competition Law

Potential problems exist for all business transactions which are in certain European currencies and which continue to operate after 1 January 1999. The issues concern performance of contracts (including payment obligations) and price/interest rate calculations.

On 1 January 1999, the Euro will become the currency of the following EU member states:

  • Austria
  • Belgium
  • Finland
  • France
  • Germany
  • Ireland
  • Italy
  • Luxembourg
  • Netherlands
  • Portugal
  • Spain

CONTINUITY OF CONTRACT

A key issue for businesses is 'continuity of contract' - whether the introduction of the Euro will excuse a party from performance of its contractual obligations where:

  • payments under the contract are denominated in one of the 11 European currencies referred to above or the ECU; or

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