{
  "url": "https://openlegislation.uk/eu-decision-2004-548/introduction",
  "json_url": "https://openlegislation.uk/eu-decision-2004-548/introduction.json",
  "legislation": "eudn/2004/548",
  "legislation_title": "Council Decision of 11 May 2004 on the position to be taken by the Community regarding an agreement concerning the monetary relations with the Principality of Andorra (2004/548/EC)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2004-548",
  "path": "introduction",
  "kind": "introduction",
  "number": null,
  "heading": "Introductory text",
  "text": "Council Decision\nof 11 May 2004\non the position to be taken by the Community regarding an agreement concerning the monetary relations with the Principality of Andorra\n(2004/548/EC)\nTHE COUNCIL OF THE EUROPEAN UNION,\nHaving regard to the Treaty establishing the European Community, and in particular Article 111(3) thereof,\nHaving regard to the recommendation from the Commission,\nHaving regard to the opinion of the European Central Bank,\nWhereas:\n(1)\nPursuant to Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro, the euro replaced the currency of each participating Member State as from 1 January 1999.\n(2)\nThe Community has competence, as from the same date, in monetary and foreign exchange regime matters in Member States adopting the euro.\n(3)\nThe Council is responsible for determining the arrangements for the negotiation and conclusion of agreements concerning monetary or foreign exchange regime matters.\n(4)\nThe Community has concluded monetary agreements with Monaco, the Vatican City and San Marino. These countries had concluded earlier monetary agreements with France or with Italy, before the introduction of the euro.\n(5)\nThe Principality of Andorra (hereinafter referred to as Andorra) does not have an official currency, nor has it concluded a monetary agreement with any Member State or third country. Spanish and French banknotes and coins were originally used de facto in Andorra, and were replaced by euro banknotes and coins as from 1 January 2002.\n(6)\nOn 15 July 2003 Andorra formally requested the conclusion of a monetary agreement with the Community.\n(7)\nGiven the close economic relations between Andorra and the Community, it is appropriate that an agreement between the Community and Andorra should include provisions regarding euro banknotes and coins, the legal status of the euro in Andorra, and also access to the euro area payment systems. Since the euro is already in use in Andorra, it should be agreed that Andorra is to use the euro as its official currency and that it will grant legal tender status to euro banknotes and coins issued by the European System of Central Banks and Member States which have adopted the euro.\n(8)\nThe euro becoming Andorra's official currency does not create any right for Andorra to issue banknotes or coins, whether denominated in euro or in another denomination, or to issue monetary surrogates, unless the monetary agreement contains explicit provisions to this effect. Andorra currently issues collector coins denominated in diner and the possibility to continue this practice will be examined.\n(9)\nIt is important that Andorra ensure that Community rules on banknotes and coins denominated in euro are applicable in Andorra. Euro banknotes and coins need proper protection against fraud and counterfeiting. It is also important that Andorra should take all the necessary measures and cooperate with the Community in this area.\n(10)\nAndorra should undertake to implement all relevant measures forming part of the Community framework for banking and financial regulations, including the prevention of money laundering, the prevention of fraud and counterfeiting of non-cash means of payment, and statistical reporting requirements. The application of such measures will contribute, inter alia, to establishing comparable and equitable conditions between financial institutions situated in the euro area and those located in Andorra.\n(11)\nThe European Central Bank (ECB) and the national central banks may engage in all types of banking transactions in relation to financial institutions located in third countries. The ECB and the national central banks may, on appropriate conditions, allow financial institutions in third countries access to their payment systems. Agreement between the Community and Andorra should not impose any obligations on the ECB or on any national central bank.\n(12)\nThe Commission should be empowered to conduct the negotiations with Andorra. Andorra's neighbouring countries, Spain and France, should be fully associated with the negotiations, and the ECB should be fully associated within its field of competence.\n(13)\nThis Decision covers solely the agreement to be established between Andorra and the Community on monetary matters, to the exclusion of other matters requiring to be taken up in separate agreements. Andorra has been invited to agree to equivalent measures in certain areas, in particular as regards the taxation of the income from savings. The Council will examine, in the light of progress made on the negotiation and the initialling of the savings tax agreement, and on the basis of a recommendation from the Commission, whether the necessary conditions have been fulfilled for the opening of negotiations on the monetary agreement.\n(14)\nThe Commission should submit the draft agreement to the Economic and Financial Committee for its opinion. The draft agreement should further be submitted to the Council if Spain and France, or the ECB, or the Economic and Financial Committee, is of the opinion that this is necessary,\nHAS ADOPTED THIS DECISION:",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ L 139, 11.5.1998, p. 1. Regulation as last amended by Regulation (EC) No 2596/2000 (OJ L 300, 29.11.2000, p. 2)."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "OJ L 142, 31.5.2002, p. 59."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "OJ C 299, 25.10.2001, p. 1. Agreement as last amended by Council Decision 2003/738/EC (OJ L 267, 17.10.2003, p. 27)."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "OJ C 209, 27.7.2001, p. 1."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2004/548/introduction",
    "retrieved_at": "2026-11-01T15:18:10.951060+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}