91997E3986

WRITTEN QUESTION E-3986/97 by Georges Berthu (I-EDN) to the Council (15 January 1998)

Subject: Euro bank notes - distinctive national symbols

At its meeting on 3 December 1996 the Council of the European Monetary Institute (EMI) decided that both sides of Euro bank notes were to be identical in all countries and were to be devoid of any distinctive national symbols. This position amounts to settling, in a roundabout way, a crucial question: if the bank notes are indistinguishable from one country to another, it will be virtually impossible to 'uncouple' a country in the event of a serious crisis threatening the survival of the system. In certain borderline cases, therefore, the risks of complete collapse would be increased.

Does the Council not agree that in adopting this political position - which is frequently presented as a definitive decision in European documents - the EMI Council has exceeded the terms of Article 109f(3) of the Treaty which only gives it the power to supervise the 'technical preparation' of the future bank notes?

Joint answer to Written Questions E-3986/97, E-3987/97, E-3988/97, E-3989/97 and E-3990/97 (19 March 1998)

It ensues from the allocation of powers provided for under the Treaty that the European Central Bank alone is empowered to authorize the issue of banknotes in euro, also as regards aspects relating to their presentation (Article 105(a) of the Treaty and Article 16 of the Protocol to the Statute of the European System of Central Banks and of the European Central Bank).

At its meeting in Dublin on 13 and 14 December 1996, the European Council welcomed the designs for the euro banknotes presented to it by the European Monetary Institute.

The final decisions on the matter will be taken by the European Central Bank once it has been set up in accordance with the Treaty.