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The Introduction of the Euro and Its Implications for Obligations Denominated In Currencies Replaced by the Euro

This Article will discuss to what extent fears that debt in a country’s national currency will no longer be enforceable under U.S. law after the introduction of the Euro are justified. The article assumes that the European Council, as provided for in the Treaty Establishing the European Community (”EC Treaty”) and the European Commission’s European Council Regulation, will establish a fixed rate of conversion for the old national currencies of all participating Member States in relation to the Euro. The subject of our inquiry, thus, is whether, following the introduction of the single currency, U.S. courts will acknowledge the abolition of the old national currencies and apply the above-mentioned Council Regulations and relevant legislation of participating Member States, in suits for payment on obligations denominated in these abolished currencies.