Status of the Netherlands Antilles and the Euro

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Status of the Netherlands Antilles and the Euro

Postby theeuro » 03 Dec 2008, 03:53

15 December 2008 was the former effective date for the five constituent bodies comprising the Netherlands Antilles to dissolve.

Curaçao and Sint Maarten are to gain autonomous status in 2010. They each will form two new * states within the Kingdom of the Netherlands, resembling the status of Aruba within the Kingdom. A single Central Bank will be established to serve Curaçao and Sint Maarten with their own single currency, the name of which has not yet been decided, but it is known that it will not be the Euro.

Bonaire, Saba and Sint Eustatius would become a direct part of the Netherlands as special municipalities (bijzondere gemeente), a form of "public body" (openbaar lichaam) as outlined in article 134 of the Dutch Constitution. The Dutch province of Noord-Holland will absorb these three bodies as parts of the province. For all intents and purposes, these three islands will in effect become a part of the country of the Netherlands in terms whereby if one were to travel by plane from Amsterdam and land in Oranjestad, not only would this person have landed in the same country as they originated, but also in the same province.

The date of 15 December has been postponed for Bonaire, Saba and Sint Eustatius to become direct parts of the Netherlands.

As of 1 December 2008, no new schedule has been put forth as to the realisation of the status change. However, a round table conference will take place on 15 December with the goal of setting a date for the status change and officially answering questions surrounding financial and economic matters along with other administrative topics.

A Special Royal Dutch Commission was formed in March 2008 tasked with providing the Dutch government legal advise surrounding the three territories joining the Netherlands within the framework of the Dutch constitution and EU legal precedent. The commission's mandate included answering questions concerning economic and financial matters, specifically the question of whether or not the new parts of the Netherlands would adopt the Euro as their currency and whether or not Euro adoption would take place as additions to the Netherlands or as Overseas Territories. The result of this commission included a recommendation that Bonaire, Saba and Sint Eustatius adopt the Euro as additions to the Netherlands.

Within the final opinion on this topic, members of the commission included the precept that upon status change of the three bodies in question, their new status would be no different than the polders that are formed in the IJsselmeer from reclamation.

As for adoption of the commission's recommendations, that will be left to the Dutch government and the EU council. A decision based on these recommendations could partially be rendered on the 15 December conference. Dutch Deputy Interior Minister Ank Bijleveld is expected to make the final announcement concerning the outcome of the conference by the end of 2008.

Regarding the Eurozone as a whole, the additions to the Netherlands would be incorporated into the overseas territory inset on the official geography of the Eurozone and, presumably, would also be included in the inset printed on Euro banknotes. No new Euro coins would be produced which would differ in design from the existing Dutch national obverse, but total allowance quantities could be increased given the population increase and higher share of total Eurozone population that may result; the Netherlands population would increase by 50 000 after the status change.

Until the status is changed and final decisions are rendered, Bonaire, Saba, Sint Eustatius, Curaçao and Sint Maarten will continue using the Netherlands Antilles Guilder as their currency, with the Bank van de Nederlandse Antillen serving as the central monetary authority and bank for all five bodies.

The Aruban florin has been used in Aruba since 1986, when the country left the Netherlands Antilles and the Centrale Bank van Aruba replaced the Bank van de Nederlandse Antillen to serve as the central monetary authority and bank for Aruba.

The Netherlands Antilles Guilder and the Aruban florin are both pegged to the US dollar at a rate of US$ 1 = Afl/NAƒ 1.79.
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Re: Status of the Netherlands Antilles and the Euro

Postby Miguel.mateo » 03 Dec 2008, 05:58

Thank you for the news. I hope Netherlands issue a commemorative two euro coin with this motif next year, since the islands can not have their own euro coins (of course, it makes no sense since they will be Netherlands officially).

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Re: Status of the Netherlands Antilles and the Euro

Postby Mightstallion » 03 Dec 2008, 21:10

The lack of date is not quite right, the date is currently set for 1 January 2010.
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Re: Status of the Netherlands Antilles and the Euro

Postby theeuro » 04 Dec 2008, 09:47

Mightstallion wrote:The lack of date is not quite right, the date is currently set for 1 January 2010.


No date has yet been set for when Bonaire, Saba and Sint Eustatius will become part of the Netherlands. The exact date is still up for discussion, though 2010 is the goal.

Curaçao and Sint Maarten will gain autonomous status in 2010- the exact date is not known, but it is * to be 1 January. This will become official during the 15 December conference.
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Re: Status of the Netherlands Antilles and the Euro

Postby theeuro » 04 Dec 2008, 22:31

Mightstallion wrote:The lack of date is not quite right, the date is currently set for 1 January 2010.


Pardon me... this is the correct date. I was getting my previous information from a much older email.

Apologies... :oops:

So just to clarify, 1 January 2010 is the official date for status changes to occur for all five bodies of the Netherlands Antilles.
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Re: Status of the Netherlands Antilles and the Euro

Postby So Many Euros » 19 Jan 2010, 22:25

MdV, I just came about this topic.
Did the status changes come into effect? So, was the euro area widened by 1 January 2010 for Bonaire, Saba and Sint Eustatius ?
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Re: Status of the Netherlands Antilles and the Euro

Postby theeuro » 20 Jan 2010, 07:46

So Many Euros wrote:MdV, I just came about this topic.
Did the status changes come into effect? So, was the euro area widened by 1 January 2010 for Bonaire, Saba and Sint Eustatius ?


Sadly, I don't know. Jonathan says that there is still some legal work to be ironed out. All of this took a back seat to more pressing matters in the tweede kamer (where the law has to be * in the Netherlands), when the financial crisis exploded. I'm sure this issue will be solved by the end of this year. These kinds of things tend to move slowly through the appropriate lines.

Just to be pro-active on the topic, though, I'll put in a phone call to the appropriate office and ask about it.
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Re: Status of the Netherlands Antilles and the Euro

Postby Nightstallion » 20 Jan 2010, 14:32

Date is currently set for 10 October 2010, but there's still a few things to clarify, AFAIK.
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Re: Status of the Netherlands Antilles and the Euro

Postby So Many Euros » 19 Jun 2010, 01:15

Did I get it right that Bonaire, Saba and Sint Eustatius will not introduce the Euro but the US dollar on 1 January 2011?
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