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TASK FORCE on Economic and Monetary Union Briefing 36 Technical Features Briefing prepared by the Directorate-General for Research Division for Economic Affairs The opinions expressed are those of the author and do not necessarily reflect the European Parliament's position. Although the changeover to the Euro is scheduled for 1 January 1999, the euro banknotes and coins will not be introduced until three years later. PE 167.006 NOTES AND COINS CONTENTS Introduction 3 Timetable for the production and issue of euro banknotes 4 The symbol 4 The euro banknotes 5 The process of selecting designs 5 Description of the future Euro banknotes 6 The security features of the euro banknotes 7 Production and issue of euro banknotes in the euro area Member States 8 Alternative materials 9 Changes to the designs 9 Some interesting statistics 10 The euro coins 11 The process of selecting the euro coins 11 The common face of the euro coins 12 The technical specifications 12 The euro and electronic money 14 Various aspects of electronic money 14 The 'electronic purse' 15 Internet and 'digital money' 16 The single currency and electronic money 17 Conclusions 19 Annexes 1 - 5 20 Author: Olivier STINTZY Editor: Mr Ben PATTERSON - 2 - PE 167.006 NOTES AND COINS INTRODUCTION Article 3a of the Treaty on European Union, commonly known as the Maastricht Treaty, provides for 'the irrevocable fixing of exchange rates leading to the introduction of a single currency, the ecu, and the definition and conduct of a single monetary policy and exchange-rate policy'. The European Council meeting in Madrid on 15 and 16 December 1995 decided on a new name for the single currency: the euro. The respective prerogatives of the various institutions with respect to the single currency are defined in the Treaty on European Union (TEU) and its annexes. The European Central Bank (ECB, established by Article 4a of the TEU), for example, has 'the exclusive right to authorize the issue of banknotes within the Community. The ECB and the national central banks may issue such notes. The banknotes issued by the ECB and the national central banks shall be the only such notes to have the status of legal tender within the Community' (Article 105a(1) of the TEU). For their part the 'Member States may issue coins subject to approval by the ECB of the volume of the issue. The Council may, acting in accordance with the procedure referred to in Article 189c and after consulting the ECB, adopt measures to harmonize the denominations and technical specifications of all coins intended for circulation to the extent necessary to permit their smooth circulation within the Community' (Article 105a(2)). Article 189c of the TEU defines a decision-making procedure requiring the Council to consult the European Parliament, whose rejection of the Council's common position can be overruled only by unanimity in the Council. It therefore seems clear that the roles in the production of the euro are to be shared between the European authorities (especially the ECB) and the Member States, banknotes being the ECB's responsibility, coins the Member States' responsibility, though under the ECB's control, with the Commission acting as coordinator. The timetable for the changeover to the euro and its introduction in fiduciary form were approved by the European Council in Madrid on 15 and 16 December 1995 after the adoption of the Green Paper on the practical arrangements for the introduction of the single currency presented by the Commission1 . The final decision to introduce the euro on 1 January 1999, when Stage Three of EMU begins, was then announced. 1 COM(95)333 final, 31.5.1995 - 3 - PE 167.006 NOTES AND COINS Timetable for the production and issue of Euro banknotes and coins ó Early 1998: The European Council of the Heads of State or Government adopts the list of Member States that will participate in the Euro area (in the first wave), together with the bi-lateral conversion rates of the currencies concerned. ( The production of Euro banknotes and coins begins. ( The precise date on which Euro banknotes and coins will be introduced is announced. ó 1 January 1999: beginning of Stage Three of EMU ( The conversion rates among the currencies of the participating Member States and the euro are irrevocably fixed. ( The new legislation on the introduction of the Euro enters into force. ( The use of the Euro is introduced for scriptural settlements. ó 1 January 2002 at the latest: introduction of Euro banknotes and coins ( The banknotes of the countries that have adopted the Euro are exchanged at par value for Euro banknotes. ó 1 July at the latest: complete changeover to the Euro ( National banknotes and coins cease to be legal tender. ( National banknotes and coins are withdrawn from circulation. The symbol It was also decided to adopt a symbol for the Euro. The Commission recommends that it be used as widely as possible by all economic and financial organisations and that the data processing and information technology industry make the necessary preparations for the symbol to be included on keyboards. The Commission has also made arrangements for the symbol to be registered with the International Standardization Organization. Inspired by the Greek letter epsilon, the symbol has its source in the cradle of European civilization and represents the first letter of the word Europe crossed by two horizontal bars indicating the Euro's stability: the double bar is also to be seen in the symbols for the American dollar (Z) and the yen (¥) - 'strong international currencies' - and also the pound sterling (^). It was also decided to use the three-letter code EUR to represent the Euro, particularly in the financial markets. - 4 - PE 167.006 NOTES AND COINS THE EURO BANKNOTES The future European Central Bank (and the European System of Central Banks) will alone be responsible for the issue of banknotes in the Member States that adopt the euro. The ECB will not be established until after the official announcement of the list of the first countries participating in the Euro area, which will be adopted by the European Council of the Heads of State or Government not later than 1 July 19982 . However, pending the official establishment of the European Central Bank, a European Monetary Institute (EMI) has been created. Its tasks include the 'preparation of the third stage' of EMU, for which it will 'supervise the technical preparation of ECU (euro) banknotes' (Article 109f(3) of the TEU). To this end, the EMI has set up 'a Working Group on Printing and Issuing a European Banknote which reports to the EMI Council on all issues of preparatory work in the banknote area'.3 The process of selecting designs ó On a proposal from a consultative group composed of art historians, graphic design experts and marketing specialists the European Monetary Institute adopted two themes for the designs of the future euro banknotes: • a specific theme: ages and styles of Europe, recalling Europe's cultural heritage; • a theme consisting of a modern or abstract design. ó After the security features that have to be incorporated in any banknote to help combat forgery had been defined, various features were chosen to make it easier for the banknotes to be used by the blind and partially sighted: • 7 denominations of different sizes were defined; • each banknote will have a different dominant colour: 5 euros . 120 mm x 62 mm - grey 10 euros . 127 mm x 67 mm - red 20 euros . 133 mm x 72 mm - blue 50 euros . 140 mm x 77 mm - orange 100 euros . 147 mm x 82 mm - green 200 euros . 153 mm x 82 mm - yellow 500 euros . 160 mm x 82 mm - purple • the face values will be printed in large, bold figures in the same place on the front and back of each note; 2 See Article 109j(4) of the TEU. 3 EMI press release of 13 December 1996 - 5 - PE 167.006 NOTES AND COINS • each denomination has its own special tactile features (embossed design). ó The competition for the selection of designs (from 12 February until 13 September 1996) was open only to qualified graphic designers or design teams (with experience of designing banknotes and a knowledge of the technical aspects involved) previously selected by the national central banks4 , each country being permitted to nominate three candidates. A jury of independent experts compiled a shortlist from the designs, which were identified only by numbers (neither the name of the team nor the country of origin was known). A representative sample of the European population consisting of some 2000 people was then consulted to assess public reactions. The EMI Council made the final choice, taking account of the jury's report, the results of the survey and the opinion of the EMI's Banknote Working Party, which is composed of the Chief Cashiers of the European central banks and the General Managers of printing works controlled by the central banks of the EU countries. The winning designs were produced by Mr Robert Kalina of the Oesterreichische Nationalbank. The Dublin European Council (13 December 1996) approved the choice made by the EMI, which presented the designs selected to the public the same day. Description of the future Euro banknotes The designs chosen by the EMI are inspired by the theme ages and styles of Europe, since they 'blend the historical development of the technical, artistic and communication fields in Europe in one harmonious composition, and epitomise the dawn of the new common Europe with its common cultural heritage, and the vision of a common future in the next century, indeed, the new millennium'.5 The design chosen has the following features: • The seven ages of Europe's cultural history are depicted: Classical (5 euro note), Romanesque (10 euros), Gothic (20 euros), Renaissance (50 euros), Baroque and Rococo (100 euros), iron and glass architecture (200 euros) and modern 20th century architecture (500 euros).
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