33.11  European Monetary Union

33.11.1  Without prejudice to Article 3 of Regulation (EC) No. 1103/97 of 17th June 1997 of the Authority of Ministers of the European Union, the introduction of the euro shall not, of itself:

(a)  have the effect of altering any provision of, or (in whole or in part) of discharging, cancelling, rescinding, terminating or otherwise excusing performance under, any of the Project Documents; or

(b)  give any of the parties to the Project Documents the right unilaterally to alter any provision of, or (in whole or in part) to discharge, cancel, rescind, terminate or otherwise avoid its obligations under, any of the Project Documents.

33.11.2  If as a result of the implementation of European economic and monetary union (Monetary Union):

(a)  sterling ceases to be the lawful currency of the United Kingdom and is replaced by the euro; or

(b)  sterling and the euro are at the same time recognised by the Bank of England as the lawful currency of the United Kingdom, and the Authority so requires,

then reference in the Project Documents to sterling shall be construed as reference to the euro translated at the Exchange Rate (as hereinafter defined).

33.11.3  For the purposes of this clause 33.11 (Exchange Rate) means the rate of exchange recognised by the European Central Bank for the conversion of Sterling into the euro for the purposes of implementation of Monetary Union.

33.11.4  If, following the implementation of Monetary Union in the United Kingdom, or any part thereof, the Authority or the Contractor so require, the Project Documents will be amended to the extent reasonably necessary to reflect the implementation of Monetary Union and to put the Parties in the same position, so far as possible, that they would have been in had Monetary Union not occurred.