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The EU Law of Economic and Monetary Union$
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Fabian Amtenbrink, Christoph Herrmann, and René Repasi

Print publication date: 2020

Print ISBN-13: 9780198793748

Published to Oxford Scholarship Online: March 2021

DOI: 10.1093/oso/9780198793748.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 September 2021

Euro As Legal Tender (and Banknotes)

Euro As Legal Tender (and Banknotes)

Chapter:
(p.594) (p.595) 21 Euro As Legal Tender (and Banknotes)
Source:
The EU Law of Economic and Monetary Union
Author(s):

Robert Freitag

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198793748.003.0026

The provisions governing the euro as ‘European Single Currency’ are at the core of the Treaty on the Functioning of the European Union’s (TFEU) rules on the Economic Monetary Union (EMU). Since the euro has replaced the former national currencies of the participating Member States and is to substitute the national currencies of any future members of the euro area, it was mandatory to ascribe to the euro the status of exclusive ‘legal tender’ as per Article 128(1) TFEU. This status of the euro seems to be so evident as to be self-explanatory–but only at first glance since the concept of ‘legal tender’ and its implications in European Union (EU) and national private and public law are less clear. A satisfactory concept of legal tender is hard to define and hardly ever given on the EU level–resulting in a striking lack of legal certainty in a great variety of aspects of public and private law.

Keywords:   Common European Sales Law Regulation, Consumer Rights Directive, European Legal Tender Expert Group, Money Laundering Directives, currency regulations, legal tender recommendations, legislation, monetary regulations, payment regulations

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