91998E0323

WRITTEN QUESTION E-0323/98

by Riitta Myller (PSE) to the Commission

(17 February 1998)

Subject: Requirement to notify changes to national banknotes

The European Union has an internal market within which there is free movement of services, persons, workers and capital. However, there is no requirement to notify a change of banknotes even among European Union governments. For example there was no notification to the other Member States of Belgium's changes to its thousand and ten thousand franc notes. This causes unjustifiable problems for travellers.

Given that there may still yet be changes to banknotes even before the transition to the single currency, what action does the Commission propose taking to introduce a requirement that changes to banknotes must be notified within the European Union?

Answer given by Mr de Silguy on behalf of the Commission

(1 April 1998)

According to Article 105a of the EC Treaty and Article 16 of the Protocol on the statute of the European system of central banks (ESCB) and of the European central bank (ECB) the governing council of the ECB shall have, as from the start of the third stage of economic and monetary union (EMU), the exclusive right to authorise the issue of banknotes within the euro area. This right is independent from the fact that during the transitional period, running from 1 January 1999 to 31 December 2001, only banknotes denominated in the national currency units will be in circulation. It is therefore ensured that national banknotes will not be introduced in one Member State of the euro area without the involvement of the ECB.

Moreover, according to information obtained from the European monetary institute which supervises the technical preparation of euro banknotes, national central banks do not intend to issue new or re-designed banknotes during the transitional period. Therefore, the Commission does not see a need to take any action in this area.