92002E2614

WRITTEN QUESTION E-2614/02

by Michl Ebner (PPE-DE) to the Commission

(18 September 2002)

Subject: Introduction of EUR 1 and EUR 2 banknotes

Vigorous debates are currently being held throughout the euro area about the existence and scale of price hikes since the introduction of the euro on 1 January 2002.

As a result of the non-stop publication of figures by consumer protection associations seeking to confirm such price instability and of ongoing discussions in the media, many consumers regard the euro as being the root cause of price hikes. The manifest consequences are falling consumption indices for business and, above all, widespread falling consumer confidence in European financial policy and, hence, in the new currency which, as a symbol of the European spirit, should really not make people feel nostalgic for the old national currencies.

In Italy, consumer organisations and trade unions reacted very negatively this week to the publication of the latest provisional retail price index (+ 2,3 % in August), so much so that the Italian Minister for Economic Affairs and Finance, Giulio Tremonti, eventually called for the introduction of a EUR 1 banknote in Italy. The idea is to counteract the general trend whereby coins, compared with banknotes, are deemed to have no value, and, in this way, to raise consumer awareness and create a positive climate for consumption.

Does the Commission have any plans to counteract the current climate of uncertainty by taking a psychologically positive step and introducing 1 and 2 euro banknotes?

Answer given by Mr Solbes Mira on behalf of the Commission

(22 October 2002)

The choice of banknote denominations is the sole responsibility of the European Central Bank. The decision to produce seven banknotes ranging in value from EUR 5 to EUR 500 was taken after four years of deliberations by the Working Group on Printing and Issuing a European Banknote set up in 1992 by the Committee of Governors of the Central Banks. The Eurobarometer surveys conducted since the start of 2002 bear witness to the high level of acceptance of the banknotes by the European public and do not reveal any desire to change the range of notes available. The possibility of issuing EUR 1 or EUR 2 banknotes has no genuine support (outside Greece and Italy) and even meets with strong opposition in some countries (e.g. in France, where 68 % of those questioned in a recent survey opposed the idea).