Text proposed by the Commission

Amendments proposed by the ECB (1)

Explanation

These insertions are needed to: (a) confirm with sufficient legal certainty that the proposed regulation does not affect Member States’ competence to issue euro coins under Article 128(2) of the TFEU; and (b) acknowledge the gap in relation to general binding provisions for the issuance of euro coins.

Explanation

These insertions are needed to: (a) confirm with sufficient legal certainty that the proposed regulation does not affect Member States’ competence to issue euro coins under Article 128(2) of the TFEU; and (b) acknowledge the gap in relation to general binding provisions for issuance of euro coins. In addition, they add value by defining better the subject matter of the proposed regulation in relation to the relevant requirements under points 13.1 and 13.3 of the Joint Practical Guide of the European Parliament, the Council and the Commission (2). Since the amended definition of ‘euro circulation coins’ explicitly comprises the commemorative euro coins intended for circulation (3), there is no need to repeat this in the context of Article 1.

Explanation

The current definition of euro circulation coins should be clarified and a separate definition for regular euro circulation coins should be added to avoid any ambiguity in relation to this terminology.

Explanation

Since the amended definition of ‘euro circulation coins’ explicitly comprises the commemorative euro coins intended for circulation (4), there is no need to repeat this in the context of Article 3.

Explanation

The ECB advises aligning Article 4 of the proposed regulation to paragraph 1 of Recommendation 2009/23/EC and, thus, making this provision compliant with the Member States’ relevant practices based on paragraph 1 of Recommendation 2009/23/EC.

Explanation

This drafting proposal allows for maintaining the national traditions of the Member States in relation to euro collector coin issuance. The ECB welcomes in principle the issue of euro collector coins respecting the individual numismatic traditions and practices of the Member States (5). In addition, the drafting proposal would bring the above provision in line with the Ecofin Council conclusions of 5 November 2002, encouraging the Member States to use designs for their collector coins which are at least slightly different from those of the national sides of circulation coins.

Explanation

This drafting proposal would accurately reflect the agreement of the Member States reached at the Ecofin Council meeting on 5 November 2002, allowing the sale of euro collector coins above face value.

Explanation

Member States do not have measures to prevent euro collector coins from being used as means of payments in the issuing Member State. Therefore, the ECB suggests replacing the word ‘prevent’ by ‘discourage’. Also for consistency reasons, ‘issue above face value’ should be replaced with ‘selling above face value’, which would more accurately mirror the language used in the Ecofin Council conclusions of 5 November 2002.

Text proposed by the Commission

Amendments proposed by the ECB (1)

No current text

Explanation

This drafting proposal caters to possible national law requirements and allows for maintaining the national traditions of the Member States in relation to the issuance of commemorative euro circulation coins. In this latter regard, the ECB welcomes in principle the issue of commemorative coins respecting the individual numismatic traditions and practices of the Member States  (2).

Explanation

For linguistic purposes it is recommended to clarify that Member States have an obligation to inform each other on the volume of issuance of euro circulation coins before such designs have been approved. Also, according to Article 1g(2) and (3), it is understood that the Commission verifies compliance with the provisions of the proposed amending regulation and ‘takes the final decision on the approval or rejection of the design without delay’. Therefore, the ECB suggests amending the last part of Article 1g(1) implying that Member States play a role in the formal approval of draft designs of new national sides of euro circulation coins.

Explanation

The ECB understands that Article 1h(a) covers euro circulation coins with legal tender status prior to the entry into force of the amending regulation, whereas Article 1h(b) sets a transitional period for changing the stamps for the designs on euro circulation coins in compliance with the new design requirements. In this respect, the ECB advises replacing the word ‘issued’ with the word ‘produced’ in Article 1h(a). This would extend the exclusion scope of this draft provision to also cover the stocks of euro circulation coins already minted by the competent authorities of the participating Member States but not having legal tender status at the time of entry into force of the proposed amending regulation. In that way, a legal safeguard would be established for all the costs that Eurosystem national central banks may have incurred in relation to the production of euro circulation coins that have not yet obtained the status of legal tender up to the moment of entry into force of the proposed amending regulation. The ECB also notes that euro circulation coins issued during the transition period under Article 1h(b) would keep their legal tender status even after the expiry of the transition period.