Spain became a full member of the then European Economic Community 15 years ago. Therefore, EU legislation is fully applicable to Spain. In this connection since 1986 more than 1,500 EU/EU Directives have been written into Spanish law.
A major impact of EU membership for Spain, and for the other member states, came in the mid 1990s with the advent of the European Single Market and the European Economic Area, which created a genuine barrier-free trading space. This development strongly boosted trade between Spanish companies and those of other member states.
In addition, the still 15 EU member states have advanced significantly in the process of unification by strengthening the political and social ties among their citizens. Spain has always stood out as one of the leaders in the implementation of liberalization measures, including the enforcement of the provisions of the Schengen Treaty regarding the free movement of persons and the facilitation of transport and movement of goods.
With the forthcoming growth of the EU from 15 to 19 member states, as a result of the agreements of the Nice Summit, Spain has become, with 27 votes, the fifth country in terms of voting power in the Council of Ministers, immediately following the big four (Germany, France, Italy and the UK), each with 29 votes.
The role developed by Spain in its latest presidency of the EU set a milestone in the history of the EU, with the approval in Madrid of the final calendar for the Monetary Integration of the member states, as well as the name "euro" for the European single currency.
According to the euro calendar, only those countries in a sound economic position (measured in terms of low inflation, interest rates, budget deficit and public debt, as determined by the so-called convergence criteria) were entitled to take part in European Monetary Union from the start in 1999.
The adoption of the new "euro" currency since Jan 1, 1999 is governed in Spain by Organic Law 46/1998. This Act provides an agile response to the need to regulate the substitution of the peseta by the euro, and establishes the different steps for its adoption, foreseeing the coexistence of both Spain from Jan 1, 1999 to Dec 31, 2001. It is foreseen, however, that peseta notes and coins will still be valid as means of payment until March 1 next year.
The adoption of the euro and the substitution by it of the peseta is ruled by this law under the following main principles: duality of use of both currency units and execution of transactions according to the currency agreed by the parties.
An official exchange rate, fixed on Dec. 31, 1998, was defined as follows: euro 1 = pesetas 166.386. This rate will remain unchanged until the peseta is finally substituted.
Spain is the EU member state that in the last years has received the most EU structural and cohesion funds -- used to finance infrastructure and development projects. In fact, Spain is expected to receive in total around US$46 billion in EU structural funds in the 1999 to 2007 period. This implies a 13 percent growth from the previous term. With these funds, the government plans to encourage actions undertaken in this area as well as the cooperation of private initiatives financing the infrastructures mentioned.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
RSS