L 196/24 Official Journal of the European Union 28.7.2010 COUNCIL DECISION of 13 July 2010 in accordance with Article 140(2) of the Treaty on the adoption by Estonia of the euro on 1 January 2011 (2010/416/EU) THE COUNCIL OF THE EUROPEAN UNION, currency on 1 January 2007. By Decisions Having regard to the Treaty on the Functioning of the European Union (Treaty), and in particular Article 140(2) thereof, Having regard to the proposal from the European Commission, Having regard to the report from the European Commission, Having regard to the report from the European Central Bank, Having regard to the opinion of the European Parliament, Having regard to the discussion of the European Council, Having regard to the recommendation of the members of the Council representing Member States whose currency is the euro, Whereas: () ?) ) The third stage of economic and monetary union (EMU) started on 1 January 1999. By Decision 98/317/EC (') the Council, meeting in Brussels on 3 May 1998 in the composition of Heads of State or Government, decided that Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland fulfilled the necessary conditions for adopting the single currency on 1 January 1999. By Decision 2000/427[EC (%) the Council decided that Greece fulfilled the necessary conditions for adopting the single currency on 1 January 2001. By Decision 2006/495/EC (}) the Council decided that Slovenia fulfilled the necessary conditions for adopting the single 139, 11.5.1998, p. 30. oJ L 0] L 167, 7.7.2000, p. 19. oJL 195, 15.7.2006, p. 25. () O ( ( ’) %) o o 2007/503EC (*) and 2007/504[EC (°) Council decided that Cyprus and Malta respectively fulfilled the necessary conditions for adopting the single currency on 1 January 2008. By Decision 2008/608/EC (°) the Council decided that Slovakia fulfilled the necessary conditions for adopting the single currency on 1 January 2009. In accordance with paragraph 1 of the Protocol on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland annexed to the Treaty establishing the European Community, the United Kingdom notified the Council that it did not intend to move to the third stage of EMU on 1 January 1999. This notification has not been changed since then. In accordance with paragraph 1 of the Protocol on certain provisions relating to Denmark annexed to the Treaty establishing the European Community and the Decision taken by the Heads of State or Government in Edinburgh in December 1992, Denmark notified the Council that it will not participate in the third stage of EMU. Denmark has not requested that the procedure referred to in Article 140(2) of the Treaty be initiated. By virtue of Decision 98/317/EC Sweden has a dero- gation as defined in Article 139(1) of the Treaty. In accordance with Article 4 of the 2003 Act of Accession, the Czech Republic, Estonia, Latvia, Lithuania, Hungary and Poland have a derogation as defined in Article 139(1) of the Treaty. In accordance with Article 5 of the 2005 Act of Accession, Bulgaria and Romania have a derogation as defined in Article 139(1) of the Treaty. The European Central Bank (ECB) was established on 1 July 1998. The European Monetary System has been replaced by an exchange rate mechanism, the setting-up of which was agreed by a resolution of the European Council on the establishment of an exchange-rate mechanism in the third stage of economic and 186, 18.7.2007, p. 29. ] L ] L 186, 18.7.2007, p. 32. ] L 195, 24.7.2008, p. 24.