29.12.2005 Official Journal of the European Union L 346/1 | (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 2169/2005 of 21 December 2005 amending Regulation (EC) No 974/98 on the introduction of the euro THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular to the third sentence of Article 123(4) thereof, Having regard to the proposal from the Commission, Having regard to the Opinion of the European Parliament (%), Having regard to the Opinion of the European Central Bank (3), Whereas: (1)  Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (}) provides for the substi- tution of the euro for the currencies of the Member States which fulfilled the necessary conditions for the adoption of the single currency at the time when the Community entered the third stage of economic and monetary union. That Regulation also includes rules which apply to the national currency units of these Member States during the transitional period ending on 31 December 2001, and rules on banknotes and coins. (2)  Council Regulation (EC) No 2596/2000 amended Regu- lation (EC) No 974/98 to provide for the substitution of the euro for the currency of Greece. (!) Opinion delivered on 1 December 2005 (not yet published in the Official Journal). () O] C 316, 13.12.2005, p. 25. () OJ L 139, 11.5.1998, p. 1. Regulation as amended by Council Regulation (EC) No 2596/2000 (O] L 300, 29.11.2000, p. 2). G) ©) Regulation (EC) No 974/98 sets out a timetable for tran- sition to the euro in the Member States currently parti- cipating. In order to provide clarity and certainty with regard to the rules governing the introduction of the euro in other Member States, it is necessary to lay down general provisions specifying how the various periods in the transition to the euro are to be determined in the future. It is appropriate to provide for a list of participating Member States which may be extended when further Member States adopt the euro as the single currency. In order to prepare a smooth changeover to the euro, Regulation (EC) No 974/98 provides for a transitional period between the substitution of the euro for the currencies of the participating Member States and the introduction of euro banknotes and coins. The transi- tional period should last three years at the most, but should be as short as possible. The transitional period can be reduced to zero, in which case the euro adoption date and the cash changeover date fall on the same day, if a Member State considers that a longer transitional period is not necessary. In that case, euro banknotes and coins will become legal tender in that Member State on the euro adoption date. However, it should be possible for such a Member State to benefit from a ‘phasing-out’ period of one year, during which it would be possible to continue to make reference to the national currency unit in new legal instruments. This would give economic actors in such a Member State more time to adapt to the introduction of the euro and therefore ease the transition. It should be possible for the general public to exchange banknotes and coins denominated in the national currency unit for euro banknotes and coins free of charge during the dual circulation period, subject to certain ceilings. Regulation (EC) No 974/98 should therefore be amended accordingly,