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National Legal Aspects in Introducing the Common Currency, the Euro

Author:
Issue 2005/7
Pg 459-465

Summary

Additions to the Constitution provided the legal basis for Estonia to become a member of the European Union and for the partial delegation of state authority to the institutions of the European Union. However, leaving the provisions of the Constitution unchanged in 2003 has resulted in the content and meaning of the constitutional norms becoming less clear and the existence of a conflict with the principle of legal certainty.

One of the obligations of European Union membership is the obligation to belong to the European Economic and Monetary Union and to introduce the common currency, the Euro. Introducing the common currency in Estonia is associated with a number of national legal issues, which if they are not resolved, could become an obstacle for Estonia in fulfilling the obligations resulting from the Treaty on the European Union.

The article analyses the obligations of Estonia as a member state of the European Union, and the effect of this on the national law, and the legal aspects of the introduction of the common currency on the level of both the European Union and a member state, as well as various possibilities of interpretation for the resolution of potential problems with the Constitution in force. In addition, the experience of other member states of the European Union is described. The conclusion of the article includes proposals for harmonising the provisions with the intent of the Constitution.

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