Article 1
Upon the substitution of the euro for the Portuguese escudo, the Portuguese Republic may continue its present agreement concerning exchange rate matters with the Republic of Cape Verde.
98/744/EC: Council Decision of 21 December 1998 concerning exchange rate matters relating to the Cape Verde escudo
98/744/EC: Council Decision of 21 December 1998 concerning exchange rate matters relating to the Cape Verde escudo
Data as of 2026-07-04 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Article 2
Portugal and Cape Verde shall keep the sole responsibility for the implementation of this agreement.
Article 3
The competent Portuguese authorities shall keep the Commission, the European Central Bank and the Economic and Financial Committee informed on a regular basis about the implementation of the agreement. The Portuguese authorities shall inform the Economic and Financial Committee prior to changes of the parity between the euro and the Cape Verde escudo.
Article 4
Portugal may negotiate and conclude modifications to the present agreement to the extent that the nature or scope of the agreement is not changed. It shall inform in advance the Commission, the European Central Bank and the Economic and Financial Committee of such changes.
Article 5
Any plans to change the nature or scope of this agreement shall be submitted by Portugal to the Commission, the European Central Bank and the Economic and Financial Committee. Such plans require the approval of the Council on the basis of a recommendation from the Commission and after consultation of the European Central Bank.
Article 6
This Decision shall apply as from 1 January 1999.
Article 7
This Decision is addressed to the Portuguese Republic. Done at Brussels, 21 December 1998. For the Council The President M. BARTENSTEIN (1) Opinion delivered on 17. 12. 1998 (not yet published in the Official Journal). (2) OJ L 139, 11. 5. 1998, p. 1. (3) Acordo de cooperação cambial entre a República Portuguesa e a República de Cabo Verde. (Decreto nº 24/98 de 15 de Julho 1998).
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
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