92000E2709

WRITTEN QUESTION E-2709/00

by Christopher Huhne (ELDR) to the Commission

(1 September 2000)

Subject: Introduction of the euro

1. Will the Commission please state the average period in each Member State in which bank notes are expected to remain in circulation before replacement?

2. Will it state the amount of notes and coin estimated to be required in each Member State, and the ratio of such notes and coin to money GDP in each case?

Answer given by Mr Solbes Mira on behalf of the Commission

(4 October 2000)

In accordance with the guidelines laid down by the Council in November 1999, the period of dual circulation varies between four and eight weeks, depending on the Member State. National banknotes will cease to be legal tender on 28 January 2002 in the Netherlands, on 9 February 2002 in Ireland and on 28 February 2002 in the other Member States. The exact date for France is not known as yet, but will probably be in the second fortnight of February 2002. Although the German mark will cease to be legal tender as from midnight on 31 December 2001, businesses have agreed to continue accepting it until the end of February 2002.

A total of 50 300 million coins and 14 500 million banknotes will be needed for the euro zone as a whole. Detailed figures can be found in the table which has been sent direct to the Honourable Member and to Parliament's Secretariat. The notes and coins represent 10,6 % of euro-zone GDP. No breakdown of this figure by Member State is available.