City lawyers have claimed success in lobbying the European Commission over continuity of contracts when EMU arrives.
The Commission last week published several draft laws on European Monetary Union, including an article which specified that contracts written in ECUs should continue after the change to the EMU in 1999.
Geoffrey Yeowart, Lovell White Durrant banking partner, and Haydn Pulesten Jones, head of banking at Linklaters & Paines, both sat on a City of London Law Society committee that warned the European Commission late last year that parties may try to duck out of contracts written in ECUs.
The committee drew up a draft law to ensure continuity of contracts which it submitted to the EC earlier this year.
Yeowart said: “We're delighted that the commission has taken on board what we have said.”