L 320/58 Official Journal of the European Communities 28.11.98 IT (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 23 November 1998 concerning exchange rate matters relating to the CFA Franc and the Comorian Franc (98/683/EC) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 109(3) thereof, Having regard to the recommendation from the Commis- sion, Having regard to the opinion of the European Central Bank (%), (1) Whereas according to Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (%), the euro will be substituted as from 1 January 1999 for the currency of each participating Member State at the conversion rate; (2) Whereas the Community will have the competence for monetary and exchange rate matters in the Member States adopting the euro as from the same date; (3) Whereas the Council is to determine the appro- priate arrangements for the negotiation and conclu- sion of agreements concerning monetary or foreign exchange regime matters; (4) Whereas France has concluded several agreements with the UEMOA (Union économique et monét- aire ouest-africaine), the CEMAC (Communauté économique et monétaire de I'Afrique Centrale) (") Opinion of 23 September 1998 (not yet published in the Offi- cial Journal). @ OJ L 139, 11. 5. 1998, p. 1. and the Comores which are intended to guarantee the convertibility of the CFA and Comorian francs into the French franc at a fixed parity (%) (5) Whereas the euro will be substituted for the French franc on 1 January 1999; (6) Whereas the convertibility of the CFA and Comorian francs is guaranteed by a budgetary commitment of the French authorities; whereas the French authorities have given the assurance that the agreements with the UEMOA, the CEMAC and with the Comores have no substantial financial implications for France; (7) Whereas these agreements are unlikely to have any material effect on the monetary and exchange rate policy of the euro area; whereas in their present form and state of implementation these agreements are therefore unlikely to present any obstacle to a () Convention de coopération monétaire du 23 novembre 1972 entre les Etats membres de la Banque des Etats de I'Afrique centrale (BEAC) et la République francaise, as amended; Convention de compte d’opérations du 13 mars 1973 entre le ministre de I'Economie et des Finances de la République Francaise et le Président du Conseil de 'administration de la Banque des Etats de I'Afrique Centrale, as amended; Accord de coopération du 4 décembre 1973 entre la République fran- caise et les Républiques membres de I'union monétaire ouest- africaine, as amended, Convention de compte d’opérations du 4 décembre 1973 entre le ministre de I'Economie et des Finances de la République Francaise et le Président du conseil des ministres de 1'Union monétaire ouest-africaine, as amended; Accord de coopération monétaire du 23 novembre 1979 entre la République francaise et la République fédérale 1slam1que des Comores, as amended; Convention de compte doperatlons du 23 novembre 1979 entre le ministre de I'Economie et des Finances de la République Francaise et le ministre des Finances, de I'Economie et du Plan de la Ré- publique fédérale des Comores, as amended.