Article 127U.K.Use of the euro
1.Amounts set out in the submitted cross-border programmes of the participating countries, certified statements of expenditure, payment application and expenditure mentioned in the annual and final report on implementation shall be denominated in euro.
2.Commission decisions on cross-border programmes, Commission commitments and payments, shall be denominated and carried out in euro.
3.Lead beneficiaries for projects involving final beneficiaries in participating countries which have not adopted the euro as their currency on the date of the payment application shall convert into euro the amounts of expenditure incurred in national currency.
That amount shall be converted into euro using the monthly accounting exchange rate of the Commission in the month during which the payment application is submitted to the managing authority by the lead beneficiary. This rate shall be published electronically by the Commission each month.
4.When the euro becomes the currency of a participating country, the conversion procedure set out in paragraph 3 shall continue to apply to all expenditure recorded in the accounts by the certifying authority before the date of entry into force of the fixed conversion rate between the national currency and the euro.