Continuity of contracts after the introduction of the euro: The United States response to European Economic and Monetary Union

On January 1, 1999, a group of countries within the European Union will proceed with the third and final stage of Economic and Monetary Union-the introduction of the euro as a single currency. This event could affect continuity of contracts that contain a payment obligation denominated in a national currency to be replaced by the euro. This Article details and critiques legislative steps taken within the European Union and the states of California, Illinois, Michigan, New York, and Pennsylvania to ensure continuity of contracts.