How will the euro affect contracts denominated in national currency o All insurance and other legal contracts will continue in force with the substitution of amounts denominated in national currencies with their equivalents in euro Euro values will be calculated according to the fixed conversion rates with the national currency unit adopted on 1 January 1999 Generally, the conversion to the euro will take place on 1 January 2002. unless both parties to the contract agree to do so beforehand McGraw-Hilylrwoin 2-20 Copyright@ 2001 by The McGraw-Hill Companies, Inc. All rightsMcGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 2-20 How will the euro affect contracts denominated in national currency? ⚫ All insurance and other legal contracts will continue in force with the substitution of amounts denominated in national currencies with their equivalents in euro. ⚫ Euro values will be calculated according to the fixed conversion rates with the national currency unit adopted on 1 January 1999. ⚫ Generally, the conversion to the euro will take place on 1 January 2002, unless both parties to the contract agree to do so beforehand