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Annual Report 2007
4 THE CASH CHANGEOVER IN CYPRUS AND MALTA Six years after the successful introduction of the Monnaie de Paris minted 200.0 million euro coins euro banknotes and coins in 12 euro area countries with a face value of €56.1 million for Malta. at the same time and one year after Slovenia joined the Eurosystem, the euro banknotes and The Central Bank of Cyprus began frontloading coins were successfully introduced in Cyprus and euro coins to credit institutions on 22 October 2007; Malta on 1 January 2008. After a dual circulation the frontloading of euro banknotes began on period of one month, the euro had fully replaced 19 November 2007. Sub-frontloading to retailers the Cyprus pound and the Maltese lira. and the cash-operated machine industry started at the same time as the frontloading operation. As in the previous cash changeovers, timely and A widespread predistribution of euro coins was comprehensive preparation was crucial to the supported by making some 40,000 pre-packed smooth introduction of the euro banknotes and coin starter kits, worth €172 each, available to coins. Both Cyprus and Malta had established businesses and retailers from 3 December 2007. changeover plans at the national level long 250,000 mini-kits, worth CYP 10 each, went on before €-Day. These plans were based on, among sale to the general public on the same date. other things, the legal framework adopted by the Governing Council in July 2006 in relation to In Malta the frontloading of euro coins started certain preparations for the euro cash changeover in late September 2007, while the frontloading and the frontloading and sub-frontloading of euro of euro banknotes began in late October. -
The Maltese Lira
THE MALTESE LIRA On 16 May 1972, the Central Bank of Malta issued the first series of decimal coinage based on the Maltese Lira, at the time being roughly equivalent to the British Pound. Each Lira was divided in 100 cents (abbreviation of centesimo, meaning 1/100), while each cent was subdivided in 10 mills (abbreviation of millesimo, meaning 1/1000). The mills coins of the 1972 series - withdrawn from circulation in 1994 9 COINS AND 3 BANKNOTES Initially, a total of 8 coins were issued, namely the 50 cent, 10 cent, 5 cent, 2 cent, 1 cent, 5 mill, 3 mill and 2 mill. These coins were complemented by the issue of three banknotes, namely the 1 Lira, 5 Lira and 10 Lira, on 15 January 1973. Furthermore, a 25 cent coin was introduced in June 1975 to commemorate Malta becoming a Republic within the Commonwealth of Nation on 13 December 1974. This was the first coin to feature the coat of arms of the Republic of Malta on the reverse. NEW SERIES The obverse of the 1986/1991 series - withdrawn from circulation in January 2008 A new series was issued on 19 May 1986. This comprised 7 coins, namely the 1 Lira, 50 cent, 25 cent, 10 cent, 5 cent, 2 cent and 1 cent. Each coin depicted local fauna and flora on the The banknotes of the 1989 series - withdrawn from circulation in January 2008 obverse and the emblem of the Republic on the reverse. No mills were struck as part of this series, though the 5 mil, 3 mil and 2 mil coins issued in 1972 continued to have legal tender. -
The Lira: Back in the Zone Panel Was Frequently Below the Lower Edge of the Band
February 1997 I,Trends MA~Y It: were frequently realigned. The forward rate in the top The Lira: Back in the Zone panel was frequently below the lower edge of the band. Thus, these narrow target zones were not seen After more than four years, the Italian lira returned as credible by the market. Since reentry, however, the to the Exchange Rate Mechanism (ERM) of the forward rate, as shown in the lower panel, is well European Union (EU) on November 25, 1996. A within the target zone, indicating that market partici- speculative attack had forced the withdrawal of the pants expect the lira to remain within the target lira from the ERM on September 17, 1992. The zones. Thus, the current wide bands appear to be ERM commits member countries to maintain their more credible than the narrower bands of the earlier exchange rates within bilateral bands or target zones period. against all the other currencies. The lira is allowed to Christopher J. Neely fluctuate within margins of 15 percent on both sides of the mid-point of the target zone, known as the central parity, which is 1.0101 DM per 1000 lire for Target Zone, Spot and 1-year Forward Rate the bilateral band with Germany. Although target zones are said to offer the advantages of more stable DM per 1000 Lira exchange rates and greater inflation credibility, the 2.4 primary motivation of the Italian government for rejoining the ERM is the requirement that the lira Target Zone 2.0 remain within the target zone for at least two years before Italy can join the European Monetary Union Spot Rate (EMU). -
The Euro: Internationalised at Birth
The euro: internationalised at birth Frank Moss1 I. Introduction The birth of an international currency can be defined as the point in time at which a currency starts meaningfully assuming one of the traditional functions of money outside its country of issue.2 In the case of most currencies, this is not straightforwardly attributable to a specific date. In the case of the euro, matters are different for at least two reasons. First, internationalisation takes on a special meaning to the extent that the euro, being the currency of a group of countries participating in a monetary union is, by definition, being used outside the borders of a single country. Hence, internationalisation of the euro should be understood as non-residents of this entire group of countries becoming more or less regular users of the euro. Second, contrary to other currencies, the launch point of the domestic currency use of the euro (1 January 1999) was also the start date of its international use, taking into account the fact that it had inherited such a role from a number of legacy currencies that were issued by countries participating in Europe’s economic and monetary union (EMU). Taking a somewhat broader perspective concerning the birth period of the euro, this paper looks at evidence of the euro’s international use at around the time of its launch date as well as covering subsequent developments during the first decade of the euro’s existence. It first describes the birth of the euro as an international currency, building on the international role of its predecessor currencies (Section II). -
Interview with Director of the Italian State Mint November 14, 2011 by Michael Alexander 2 Comments
Interview with Director of the Italian State Mint November 14, 2011 By Michael Alexander 2 Comments Classic numismatic design has its roots in the ancient states of Athens and Rome. Today, this unparalleled tradition continues in the modern city of Rome at the Instituto Poligrafico Zecca dello Stato (IZPS), the Italian State Mint. As Italy celebrates 150 years of Unification in 2011, Michael Alexander of the London Banknote and Monetary Research Centre speaks to Angelo Rossi, Director of the IPZS about its past present and what’s in store for this prime producer of classical European coinage. For many world coin collectors, the coinage of the many Italian states before unification and those of Italy are considered among some of the most beautifully designed with classic renditions of historic persons, legendary and allegorical figures. Italy’s longest serving head of state, king, Victor Emanuel III (reigned 1900 – 1946) took a particular interest in the coinage of a unified Italy as he was a keen life-long coin collector. The former king’s collection was world renowned for including some of the most extraordinary rarities, (including some of the coins issued under his reign with his portrait) and much of it is on display in the Roman Museum to delight dedicated numismatists. Italian coinage has continued to carry on the long established tradition of classically designed small works of art which can be seen throughout their designs. Should you find yourself in Europe’s Eternal City, I can heartily recommend a visit to the Roman Museum as well as the Temple where the first Mint is said to have existed, a veritable plethora of homage to our beloved activity. -
European and International Constraints on Irish Fiscal Policy, By
2. EUROPEAN AND INTERNATIONAL CONSTRAINTS ON IRISH FISCAL POLICY Patrick Honohan* 2.1 In a world of increasing interdependence, fiscal autonomy of individual Introduction nations has increasingly been constrained. Ireland is no exception. Yet it is possible to exaggerate the degree to which fiscal autonomy has been lost. The purpose of my talk today is to explore some of the dimensions of external constraints on fiscal policy, focusing on the role of the European Union, other international governmental pressures, and international market pressures. It is convenient to distinguish between two rather different types of constraint: those that limit a government's flexibility in setting tax rates, and those that limit a government's ability to run a temporary deficit.1 I will argue that, despite the considerable recent focus on our European Union commitments as a constraint on aggregate fiscal policy, these have so far been of much less importance than the EU's influence on tax rates and tax design. International governmental pressures on tax rates are also growing in importance. Market forces can provide the most decisive of constraints but, so far as policy on the overall budgetary stance is concerned, these may have reached their full extent – indeed may have actually declined – though they will continue to grow so far as tax rates are concerned. The most spectacular European Union initiative in the area of fiscal 2.2 policy has undoubtedly been the Maastricht criteria for Economic and Deficits Monetary Union (EMU) membership. Suddenly, and more or less out of * The views expressed are strictly personal and do not reflect those of the World Bank. -
The Euro and Currency Unions October 2011 2 the Euro and Currency Unions | October 2011
GLOBAL LAW INTELLIGENCE UNIT The euro and currency unions October 2011 www.allenovery.com 2 The euro and currency unions | October 2011 Key map of jurisdictions © Allen & Overy LLP 2011 3 Contents Introduction 4 Map of world currencies 4 Currency unions 5 Break-up of currency unions 6 Break-up of federations 6 How could the eurozone break up? 6 Rights of withdrawal from the eurozone 7 Legal rights against a member withdrawing from the eurozone unilaterally 7 What would a currency law say? 8 Currency of debtors' obligations to creditors 8 Role of the lex monetae if the old currency (euro) is still in existence 9 Creditors' rights of action against debtors for currency depreciation 10 Why would a eurozone member want to leave? - the advantages 10 Why would a eurozone member want to leave? - the disadvantages 11 History of expulsions 12 What do you need for a currency union? 12 Bailing out bankrupt member states 13 European fire-power 14 Are new clauses needed to deal with a change of currency? 14 Related contractual terms 18 Neutering of protective clauses by currency law 18 Other impacts of a currency change 18 Reaction of markets 19 Conclusion 20 Contacts 21 www.allenovery.com 4 The euro and currency unions | October 2011 Allen & Overy Global Law Intelligence Unit The euro and currency unions October 2011 Introduction The views of the executive of the Intelligence Unit as to whether or not breakup of the eurozone currency union This paper reviews the role of the euro in the context of would be a bad idea will appear in the course of this paper. -
Why Brexit Should Be Accompanied by Irexit (Ireland Exit)
Why Brexit Should Be Accompanied by Irexit (Ireland exit) Report of a Private Study Group Drafted by Anthony Coughlan Why Brexit Should Be Accompanied by Irexit (Ireland exit) Report of a Private Study Group Drafted by Anthony Coughlan Published in February 2017 by The Bruges Group, 214 Linen Hall, 162-168 Regent Street, London W1B 5TB www.brugesgroup.com Follow us on twitter @brugesgroup Find our facebook group: The Bruges Group Bruges Group publications are not intended to represent a corporate view of European and international developments. Contributions are chosen on the basis of their intellectual rigour and their ability to open up new avenues for debate. Table of Contents Executive Summary ...................................................................................................................................5 Introduction ................................................................................................................................................6 Ireland now a net financial contributor to the EU ......................................................................................8 Adding new dimensions to the North-South Irish border ........................................................................11 Trade and FDI in Ireland geared to English-speaking markets ................................................................13 The drawbacks of Irish Eurozone membership .......................................................................................16 Need for an Anglo-Irish free trade -
THE ISLANDS of TAHITI the Big Influencers in the South Pacific Ocean: French Polynesia
Special Report This supplement is printed and This report was produced distributed by the Los Angeles Times in partnership with Media Group. It does not involve the editorial staff of Los Angeles Times. One World Media. 2019 TAHITI COME DISCOVER THE TREASURES: Tahiti is one of the most coveted leisure destinations in the world! Find the Mana: in search of the Polynesian Soul also for business THE ISLANDS OF TAHITI The big influencers in the South Pacific Ocean: French Polynesia ocated in the center of the “Another very real asset is our people”, Southern Pacific Ocean, Tahiti adds President Fritch, “The liveliness of our is the largest island of the people and our deep cultural roots make Windward group of French this country one of a kind, with men and Polynesia. Featuring world women eager to be producers, or partners, renowned black sand beaches or workers”. and clear blue seas, it has long been the One of the most difficult challenges Lcultural, economic and political center of the the country faces today has to do with country, as well as a hotspot for international modernization. In a global economy where tourism. technology plays an important role, many Having previously been a French colony, developing countries are struggling to keep today French Polynesia is considered France’s up with the pace. “Digital networks have only Country Abroad, entitling the territory become as important to countries as are to have more independence, with their own roads, ports and airports”, says President President and complete control over their Fritch, “This is why we are improving our economy and currency, the CPF Franc. -
Country Codes and Currency Codes in Research Datasets Technical Report 2020-01
Country codes and currency codes in research datasets Technical Report 2020-01 Technical Report: version 1 Deutsche Bundesbank, Research Data and Service Centre Harald Stahl Deutsche Bundesbank Research Data and Service Centre 2 Abstract We describe the country and currency codes provided in research datasets. Keywords: country, currency, iso-3166, iso-4217 Technical Report: version 1 DOI: 10.12757/BBk.CountryCodes.01.01 Citation: Stahl, H. (2020). Country codes and currency codes in research datasets: Technical Report 2020-01 – Deutsche Bundesbank, Research Data and Service Centre. 3 Contents Special cases ......................................... 4 1 Appendix: Alpha code .................................. 6 1.1 Countries sorted by code . 6 1.2 Countries sorted by description . 11 1.3 Currencies sorted by code . 17 1.4 Currencies sorted by descriptio . 23 2 Appendix: previous numeric code ............................ 30 2.1 Countries numeric by code . 30 2.2 Countries by description . 35 Deutsche Bundesbank Research Data and Service Centre 4 Special cases From 2020 on research datasets shall provide ISO-3166 two-letter code. However, there are addi- tional codes beginning with ‘X’ that are requested by the European Commission for some statistics and the breakdown of countries may vary between datasets. For bank related data it is import- ant to have separate data for Guernsey, Jersey and Isle of Man, whereas researchers of the real economy have an interest in small territories like Ceuta and Melilla that are not always covered by ISO-3166. Countries that are treated differently in different statistics are described below. These are – United Kingdom of Great Britain and Northern Ireland – France – Spain – Former Yugoslavia – Serbia United Kingdom of Great Britain and Northern Ireland. -
Lessons from the European Monetary System
Federal Reserve Bank of Cleveland August 15, 1987 exchange-rate considerations. Because been compromised by exchange-rate many facets of policymaking and imple- of Germany's economic importance volatility of nonparticipating currencies mentation. The slow progress of the ISSN 0428·127 within the European Community, the vis-a-vis the ERM currencies. European community with respect to the other participant countries have had to In particular, the Deutsche mark tends ERM and policy coordination, however, adjust their domestic policies or their to appreciate against other European exemplifies the difficulties of achieving exchange rates to remain competitive in currencies when the dollar depreciates. 9 agreements on these many points. Im- international markets under the con- The January 1987 realignment in the plementing target zones on a wider scale ECONOMIC Lessons from the straint of German monetary policy. ERM, for example, was necessitated in would be all the more difficult. Differ- Nations participating in the ERM large part because the dollar's deprecia- ences in preferences, policy objectives, European Monetary arrangement often buy and sell foreign tion against the Deutsche mark caused and economic structures account in part System currencies to defend their exchange the mark to appreciate relative to the for these difficulties. rates. Unfortunately, when such inter- other currencies in the ERM. Such re- More fundamentally, however, coor- by Nicholas V. Karamouzis vention is not supported by a change in a COMMENTARY alignments become necessary because dination of macroeconomic policies will nation's monetary policy, nor coordi- international investors do not hold all not necessarily benefit all participant nated with the intervention activities of ERM currencies in equal proportions in countries equally, and those that benefit other central banks, it only has a limited their portfolios and because of economic the most may not be willing to compen- influence on exchange rates. -
Madagascar Location Geography
Madagascar Location Madagascar lies off the east coast of Africa in the Indian Ocean. The Mozambique channel divides the island with the African continent. It is the largest of the Indian Ocean’s many islands, and is the fourth largest island in the world, following Greenland, New Guinea, and Borneo. The land aeria isw about the size of the states of Pennsylvania, Ohio, Indiana, Illinois, and Iowa combined and covers 226,658 square miles. The island is 976 miles long and 335 miles across at it’s widest point, and is shaped like an irregular oval. It has some smaller islands surrounding it, including Nosy Be, eight miles off of the coast in the Bay of Ampasindava in the northwest. Saint-Marie off the east coast and Nosy Be off the west coast are islands large enough to support inhabitants. There are also several tiny uninhabited islands in the Mozambique Channel: Nosy Mitsio, the Radama Islands, Chesterfield Island, and the Barren Islands. Geography This unique country is divided into three regions that run north and south along the length of the island. On the eastern side, along the Indian Ocean, there is a narrow piece of tropical lowlands, consisting mostly of flat plains. It is about 30 miles wide and includes marshes, but is very fertile. The eastern coast is unique in that for almost 1000 miles, it runs in a straight almost uninterrupted line from southwest to northeast. It has many white sand beaches with coral reefs, and the ocean is the roughest on this side of the island, facing out to the Indian Ocean.