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The Euro Banknote INTERNATIONAL REVIEW ON CASH MANAGEMENT YEAR V ISSUE 10 DECEMBER 2011 The euro banknote On 1 January 2012 it will be ten years since euro banknotes and coins were first put into cir - culation. To mark this anniversary, BILLETARIA is publishing a special issue devoted exclu - sively to the euro, to which leading figures and experts from within the Eurosystem have con - e tributed. I would therefore like to express the Banco de España’s gratitude to the representatives of the European Central Bank and Eurosystem national central banks who have contributed to this issue, which aims to add to the dissemination and understanding of the common European currency, particularly among experts and specialists from countries u outside the euro area. The launch of euro banknotes and coins was a logistic operation on a huge scale, putting to s the test the technical capabilities of the central banks’ teams and their level of cooperation and coordination. Alongside this teamwork by the central banks, it required the active involve - ment and cooperation of all the industry players dealing with banknotes and coins in the twelve countries in which the single currency was being gestated. This included everyone s from manufacturers and distributors, through to credit institutions and retailers. The exercise was on an unprecedented scale, but was completed brilliantly, and the success of the oper - ation was accompanied by the currency’s enthusiastic reception by the citizens of the coun - i tries concerned. From the outset the euro banknotes have been well received, the quality of circulating bank - notes is high, and counterfeiting rates are low. What is more, during their ten years in circula - tion, euro banknotes have proven themselves to be a useful tool in the European public’s every - l day life, helping make commerce and travel easier for citizens. The euro’s acceptance as an international currency has also been on an upward path, and euro banknotes have circulated inside and outside Europe with extraordinary ease. It could be said that the euro banknote has been a calling card for the European project and a symbol of identity for the European Union. a For banknote industry professionals, euro banknotes are an inter - esting topic of discussion and subject of knowledge, and, as can be i seen from the articles published in this issue of BILLETARIA, there is no doubt of their contribution in a world undergoing continual change and innovation. However, it is also important to remember that euro banknotes have gone beyond being a matter of special - c ist interest to seamlessly forming a part of our everyday lives. Miguel Fernández Ordóñez. Governor of the Banco de España e p 10 years S Opinion Editorial Editorial J. Darío Negueruela Banco de España On 1 January 2002, following long months of work and preparation, the euro banknote was born. In many ways, given both the expect - ations the project had aroused among European citizens and the symbolism behind it, an historic milestone had been reached. After many years of pursuing a common economic policy, of building a powerful and, at times, intricate legal Community body, of following Untitled / JDN a path of continuous enlargement and of trying to instil the project of a single Europe in citizens’ minds, European leaders were finally in This special issue of BILLETARIA is presented by Miguel Fernán - a position to present European public opinion with a concrete sym - dez Ordóñez, Governor of the Banco de España and the BIL - bol of the much-maligned and oft-misunderstood Union. The single LETARIA’s customary interview focuses on Gonzalo Gil, Deputy European currency came into being as the tangible symbol of the Governor of the Banco de España at the time of the euro Union in the form of a banknote to be used by all European citizens, changeover but now retired from public office. His long profession - a testament to individual relinquishment (of national currencies) for al career and the wide acclaim given to his excellent work mod - a collective gain, and the expression of our firm resolve to overcome ernising a central bank at a time of change are more than sufficient our differences by seeking out elements that allow us to live togeth - arguments for his inclusion in BILLETARIA. Our thanks to both for er, making us stronger and creating a better future. their invaluable support and the generosity with which they gave us their time. A fortunate coincidence sees the simultaneous publication of issue no. 10 of BILLETARIA and the tenth anniversary of the euro, so it A large body of experts at the European Central Bank under José would be impossible – if not inexcusable – to miss the opportunity to Manuel González-Páramo, together with leading figures from dedicate a special issue in celebration of this long-awaited birthday. Eurosystem central banks help us create a mosaic of contributions rich in variety and high in quality. To them and to the experts who Our goal developed into a project with three fundamental object - contributed towards the technical section on banknote design and ives. First, to create a forum for leading practitioners and experts to production, and to those who worked to present a simple but thor - come together to discuss what the world of the euro is like on the ough view of the information about the euro, our most sincere inside and how citizens, with no links to the professional world of thanks. BILLETARIA is a case where the generosity and quality of banknotes, perceive the new single currency landscape. Second, its contributors can be easily appreciated. specific contributions will help provide for a better understanding of the euro if there are references to practical aspects of its design and In this issue, our section on banknote security features is dedicated printing. And lastly, this issue of BILLETARIA aspires to serve all our exclusively to features present in euro banknotes. Similarly, our cus - readers outside the euro area as a vade mecum for the world of the tomary map covers the area of Europe, as a tribute to the euro, with euro, providing information on statistics, legal provisions, commu - a reproduction of the finest quality generously provided by the ECB. nications policy, bibliography, historical references, etc. Given the considerable work by the European Central Bank in the area of com - The length of this issue of BILLETARIA, which is spread over 52 munication, a wealth of sources of information is at hand for those pages, is due to its exceptional nature, and we expect to return to who require specific information on euro banknotes. BILLETARIA our usual editorial format with the following issue. In the meantime, has drawn on this store of knowledge and, in a single publication, our thanks again to the outstanding range of contributors and our provides a brief summary of some of the most frequently searched- growing readership who make it possible for us to continue. And, for topics, with a view to becoming a useful reference tool. finally, here’s to a happy birthday to the euro! CONTRIBUTORS Miguel Fernández Ordóñez Governor. Banco de España / J. Darío Negueruela Director of the Cash and Issue Department. Banco de España / Gonzalo Gil Former Deputy Governor. Banco de España / María luisa leyva Head of the International Currency Division. Banco de España / José Manuel González-Páramo Member of the Executive Board of the European Central Bank / ton Roos Director Banknotes. European Central Bank / Antti Heinonen Chair of the CBCDG Executive Committee, European Central Bank / Helmut Rittgen Head of the Cash Department. Deutsche Bundesbank / Stefan Augustin Director of the Cashier´s Division and Branch Offices. Oesterreichische Nationalbank / Vicente Ventura Expert in the Currency Development Division. European Central Bank 2 BIllEtARIA no. 10 December 2011 10 SUMMARY Opinion 1 Introduction Miguel Fernández Ordóñez 2 Editorial 4 Interview with Gonzalo Gil 8 the first ten years of the euro banknotes José Manuel González-Páramo 10 the integrity of euro banknotes Ton Roos 12 the singularity of the euro banknotes Antti Heinonen and J. Darío Negueruela 14 the ongoing harmonisation of the Eurosystem's cash policy Helmut Rittgen 16 the circulation of euro banknotes outside the euro area Stefan Augustin 18 the euro (banknotes and coins) as seen by European citizens Vicente Ventura 20 the Banco de España’s survey on cash Design and Production 21 New clothes for the euro Reinhold Gerstetter 22 the design of the first series of euro banknotes Robert Kalina 24 Euro banknote production Nunzio Minichiello Background references 26 Euro cash statistics J. Darío Negueruela and María Luisa Leyva 31 the euro issuing countries Víctor Andrés 34 legal framework of the euro Roberto Ugena, África Pinillos and María José Fernández 40 Information campaigns for euro cash changeover Olivier Radelet 43 Spain’s cash-communication activities María Eulalia Andonegui 44 Basic bibliography on euro banknotes and coins 48 list of contacts of the European System of Central Banks 50 Security features of the euro banknotes and coins Jean Michel Grimal and Fernando León CONTRIBUTORS Reinhold Gerstetter Banknote designer / Robert Kalina Former designer at Oesterreichische Nationalbank / Nunzio Minichiello Head of Banknote Printing Department. Banca d´Italia / Víctor Andrés Eurosystem Currency Unit Manager. Banco de España / Roberto Ugena Director of the Legal Department. Banco de España / África Pinillos Legal Counsel of the Legal Department. Banco de España / María José Fernández Head of the Resources Division. Banco de España / Olivier Radelet Principal Project Manager for Euro Banknotes and Coins Communication. European Central Bank / María Eulalia Andonegui Eurosystem Currency Unit. Banco de España / Jean Michel Grimal Head of the Currency Development Division. European Central Bank / Fernando león International Currency Unit Manager.
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