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Email this citationCIAO DATE: 03/03
Italian Legal Framework
Federico Casolari
June 2002
Abstract
On 1 April 2001 the first conventions between European Community and third Countries on the single currency entered into force. The agreements in question, as already mentioned, are the Monetary Agreement between the Italian Republic (I.R.), on behalf of the European Community, and the Republic of San Marino (29 November 2000), and the Monetary Agreement between I.R., on behalf of the European Community, and the Vatican City (29 December 2000).
In fact, as provided by Article 11, par. 1 and Article 12, par. 1 respectively of the above cited conventions, in March 2001, it was achieved the exchange of notifications concerning the completion of the ratification, conclusion or adoption procedures. Furthermore, the third Countries involved granted legal status to euro banknotes and coins (Articles 1, par. 2), defining the coinage and notifing the artistic features of the national side (Articles 3, paragraphes 2 and 3); they have already exercised the right to use euro as official currency (Articles 1, par. 1).
In particular, the Republic of San Marino enacted a single legal instrument, the Decree of 24 April 2001, whilst the Vatican State passed two legal instruments, the Monetary Law No. CCLVII of 26 July 2001 and the Order No. CCCLXX of 18 December 2001 concerning the features of the national faces of euro coins for the date 2002.
