EMU Protocol
The introduction of the euro in EMU countries in 1999 raised
several issues with respect to transactions entered under
the IFEMA, FEOMA and ICOM Master Agreements. The Financial
Markets Lawyers Group co-sponsored a protocol to these FXC
Master Agreements to confirm continuity of contracts and
address other issues. The FMLG also obtained a legal opinion
on the enforceability of the EMU Protocol. In 2000, the
FMLG co-sponsored a bilateral amendment to address issues
raised by Greece's adoption of the euro.
Leading up to the euro conversion, the FMLG also supported
state legislative initiatives to ensure the continuity of
U.S. contracts involving the currencies of participating
EMU countries. The FMLG enlisted a legal opinion concluding
the New York statute is constitutional and applies to all
contracts governed by New York law.
- Introduction to EMU Amendment
(Greece) (Dec. 2000)
- Introduction to EMU Protocol
(October 1998)
- EMU Protocol (October 1998)
- List of Adhering Parties (as of December 1998)
- Legal Enforceability Opinion
for EMU Protocol (October 1998)
- Language for Master Agreements
under Negotiation
- Legal opinion on New York
Continuity of Contract Statute (June 1998)
- Continuity of Contract Statutes