The Legal Framework for the Enlargement of the Euro Area

In December 2005, the Council adapted the provisions governing the introduction and the use of the euro in order to update them for the future enlargement of the euro area. Building on the provisions governing the initial establishment of the euro area, the revised rules now allow for two new changeover scenarios in addition to the transitional period scenario applicable for the first-wave euro-area Member States: Member States can also choose a “big bang” scenario or a “big bang” scenario combined with a “phasing-out” period in order to introduce the euro. In addition, the adapted rules address some issues which so far did not form part of the legal framework.