Abstract
Abstract n the first detailed outline of the planned schedule for the change of currency-the Green Paper on the practical arrangements for the introduction of the single currency-the European Commission already expressed the 'expectation' in dis-cussing the legal framework that in third countries too the transition from the na-tional currencies of the participating Member States to the new single currency would be recognized from the point of view of lex monetae, which it evidently be-lieved was not a foregone conclusion. Not infrequently the discussion culminated in the question whether the courts in New York, in particular, would accept Community law in the monetary field as lex monetae or as an application of the 'state theory of money' or an 'act of state doctrine'.
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