Inf€Uro : NUMBER 21 2001

NEWSLETTER ISSN 1027930X FROM THE EUROPEAN COMMISSION NUMBER 21 / EN 2001 uro n this issue leuro: our "motto" The euro: our moñ ι deep is your knowledge ie euro? For three years we have been waiting for this moment! Three years during which the euro has i euro and Member States already been the currency of all of us, although we have not been able to use it in everyday life. lw counterfeiting will be thwarted At times, this period seemed to us to be very long. It was necessary, however, in order to make f'New Currency, Stable Prices preparations for the euro notes and coins and to establish our new currency in international Communication plans of markets. the euro-area Member States There has never been an event on this scale in the / JJie citizens' euro history of money. This world première, which - fy/hat are the Member States we must admit - has not always been easy, is not doing to launch the euro ? now reaching its conclusion; it is actually just getting started. With the euro in our pockets as leuro in the accession countries: well as in our accounts, we shall all have the same yadual process monetary tool, from Helsinki to Lisbon and will eventually form part of economic and down to the smallest village in each participating monetary union in accordance with timetables fnuary and February 2002: country. which still have to be established. What is certain, vo months in four questions however, is that the euro will be called upon to In the future, a lot more of us will be using it as a increase and grow during the next few years. We Cross-border payments in euros currency. The enlargement of the European shall be increasingly European in making it our Union is under way and the new Member States everyday currency. The unexpected euro How deep is your knowledge of the euro? History 1. Economic and Monetary Union was adopted by which Treaty? □ Treaty of Rome Using the euro □ Treaty of Amsterdam □ Treaty of Maastricht 1. "I can Heep my bank account in national currency after 1 January 2002 if I want to. " 2. In which year was the Treaty adopting Q True EMU signed? □ False □ 1989 Q 1992 2. "After 1 January 20021 shall be able to spend Q 1994 the euro in every EU country. " □ True 3. What was the ECU? □ False □ Europe's first single currency □ An accronym corresponding to a 3. How many countries are in the Euro zone? unit of account based on Member □ 12 States' national currencies? □ 10 Internet Site □ A gold coin □ 15 http://europa.eu.int/euro/ 4. When did the euro become the single 4. National currency notes and coins will be currency for the Euro zone? withdrawn in all Euro area countries by: □ 1 January 1999 □ 28 February 2002 Q 1 January 2000 □ 30June20Ó2 Q 8 May 1998 □ 31 December 2002 (>PJ Information Programme for the European Citizen The euro and Member States How counterfeiting will be thwarted No monetary institution can guarantee that the banknotes issued by it will not be counterfeited. On the other hand, it is possible to reduce the risk to a minimum especially by relying on the experience accumulated by 12 national central banks. That is why the euro banknotes are very safe. An operation of this scale was never before organised • View the banknote while tilting it: on the front of in world monetary history. No fewer than 14.5 billion the banknote will be die shifting image on the banknotes have been printed and distributed. Now hologram foil stripe (on die low-value banknotes) that the general public can feel the coins and bank or the hologram foil patch (on die high-value notes it is important that confidence in these notes be banknotes); on die reverse side die iridescent created. From design to manufacturing everything stripe (on the low-value banknotes) will be glossy, has been done to ensure maximum security. or the ink (on the high-value banknotes) will change colour. While the risk of counterfeit money can never be completely eliminated, the danger of banknotes These improved security features guarantee diat die identical to the original is zero. The best protection euro banknotes will be as well protected against systems were used on the basis of the expertise devel counterfeiting as the national banknotes currendy in oped by each of die national central banks. For circulation in the euro zone. Indeed dieir complexi obvious reasons, some aspects of the new banknotes ty makes die work of would-be counterfeiters much will be a secret. There are, however, many visible more difficult. The security features will also make it technical characteristics which are important for all possible to check die authenticity of die banknotes euro users to know. Firsdy, there are the most obvi quickly and easily. Consequendy, people who pay ous references, the absence of which should make it attention can guard against the risk of accepting possible to identify the crudest counterfeits: counterfeit banknotes, whether diey be, for example, financial institution professionals, traders or con • the name of the currency, which appears in both sumers. With a view to ensuring diat diese marks Roman (EURO) and Greek characters (ΕΥΡΩ); become known and therefore easily spotted, die • the initials of the European Central Bank in their European Central Bank is conducting an informa five variants - BCE, ECB, EZB, EKT and EKP - tion campaign devoted to die security features. corresponding to the 11 official languages of the European Union; The ECB also keeps a database in which it stores • the symbol © indicating copyright protection; information on counterfeit money, while at die same • the flag of the European Union. rime establishing a centre for die analysis of counter feit money. Finally, the European Police Agency However, and above all, there are various security (Europol) is responsible for combating counter features which should make it possible to limit the feiting, especially in the case of euro banknotes. risk of counterfeiting to the minimum and, where The Eurosystem and the national police services will necessary, to identify any counterfeit banknotes: make their own contributions to die fight against • Feel it: the print is "raised" by special printing counterfeiting. processes which give the banknotes their unique feel. • View the banknote while holding it up to the light: And what about the coins? when the banknote is held up to the light, the Even if counterfeiting coins is in principle less inter watermark, security thread and the see-through esting for counterfeiters, diere is neverdieless a risk. Information Programme register will be visible. All three features can be The coins have been manufacmred to advanced for the European Citizen seen from the front and the reverse side of a gen technical specifications and this makes them ~.2~Uv uine banknote. extremely difficult to reproduce and easy to detect. The euro and Member States Particular care has been taken to ensure protection terms of security this will be the phase which will be of die EUR 1 and EUR 2 coins through die incor• feared most by die security guards. poration of specific security features. Thanks to an advanced bi-metal technology, diese coins are diffi• Example 2: Germany and third countries cult to counterfeit. In addition, there is lettering In Germany, the introduction of die banknotes and around the edge of the EUR 2 coin. The euro coins coins has entailed a level of complexity not applica• incorporate highly reliable elements that are ble to the other Member States. Not only is this the machine-detectable, especially in vending machines. most populous country and therefore the one whose needs are greatest but, in addition, the Bundesbank Distribution: a large-scale operation also has to manage the changeover to die euro in The Eurosystem (which comprises die ECB and die countries which are not members of the monetary national central banks of die counnies which have union but in which die Deutschmark is widely used. adopted die euro) is a decentralised system. That is The proportion of Deutschmarks used outside why die European Central Bank does not need to Germany is said to be between 30% and 40% of the establish a technical infrastructure for that purpose, total cash in circulation. The recent adoption of the e.g. strongrooms, distribution centres and centres for German currency in certain Balkan countries such processing banknotes. It is the national central banks as Kosovo and Montenegro has reinforced this - which already have the infrastructure needed to trend. The amount of euro coins and notes manu• put die banknotes into circulation - which will dis• factured by Germany is therefore proportionally tribute die euro banknotes to the banking sector and larger dian its demographic weight in the monetary which will take on die operational tasks. In all coun• union. The two printing works entrusted with tries of die euro zone, die banknotes and coins will their production must deliver, by 1 January 2002, have been distributed to die main institutions, banks, 4.3 billion banknotes, representing 30% of the total post offices and cash transport companies during die for die euro zone. As the Bundesbank does not have last few mondis of 2001. The national Ministries of branch offices in these countries, it is the commer• the Interior and die police services of the countries cial banks located in Central and Eastern Europe of die euro zone have taken exceptional security which have the difficult task of distributing the euro measures to meet die risks associated with the distri• while collecting the DM notes and coins.

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