EN
OPINION OF THE EUROPEAN CENTRAL BANK
of 24 January 2002
at the request of the French Ministry of the Economy, Finance and Industry
on two draft decrees concerning the abrogation of the legal tender status
of banknotes and coins denominated in French francs 
(CON/2002/6)
1. On 27 December 2001, the European Central Bank (ECB) received a request from the French
Ministry of the Economy, Finance and Industr y for an ECB opinion on two draft decrees
(hereinafter referred to as the draft decrees ) concerning the abrogation of the legal tender
status of banknotes and coins denominated in French francs1. 
2. The ECBs competence to deliver an opinion is based on Article 105(4) of the Treaty
establishing the European Community, the first indent of Article 4(a) of the Statute of theEuropean System of Central Banks and of the European Central Bank and the first and secondindents of Article 2(1) of Council Decision 98/415/EC of 29 June 1998 on the consultation ofthe European Central Bank by national authorities regarding draft legislative provisions
2, since
the two draft decrees relate to currency matters  and means of payment. In accordance with the
first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank3, this
opinion has been adopted by the Governing Council of the ECB.
3. The draft decrees provide for the abrogation of the legal tender status of banknotes and coins
denominated in French francs. The first draft decree concerns the abrogation of the legal tenderstatus of banknotes issued by the Banque de France. The second concerns the abrogation of thelegal tender status of coins. According to the info rmation provided by the French authorities, the
abrogation of the legal tender status of banknotes will be done by means of a simple decreebased on Article L.122-1 of the French Financial and Monetary Code. Once the Council of Statehas provided its opinion, a decree of the Council of Ministers will be adopted to establish theprinciple of the abrogation of the legal tender status of coins. A subsequent arrêté, adoptedand published simultaneously to the decree on banknotes, will set out the date and modalities ofsuch abrogation as well as the list of types of coins in French francs the legal tender status of
                                                     
1 "Draft decree concerning the abrogation of the legal tender status of banknotes denominated in francs of the Banque
de France" and "Draft decree concerning the abrogation of the legal tender status of coins denominated in francs".
2 OJ L 189, 3.7.1998, p. 42.
3 OJ L 125, 19.5.1999, p 34.
2which will be abrogated. The use of different procedures for banknotes and coins is justified by
the different legal frameworks applicable to banknotes and coins under French law. The currentdate envisaged for the abrogation of the legal tender status of banknotes and coins under thescenario agreed by the National Euro Committee ("Comité National de l'Euro") is18 February 2002. Article 15(2) of Council Regulation EC No 974/98 of 3 May 1998 on theintroduction of the euro provides in this respect that " Each participating Member State may, for
a period of up to six months after the end of the transitional period, lay down rules for the use ofthe banknotes and coins denominated in its national currency unit [] and take any measuresnecessary to facilitate their withdrawal "
4. The ECB understands that, in line with the
recommendation of the National Euro Committee, a certain degree of flexibility should beensured in the process of the withdrawal of banknotes and coins denominated in French francs,and that, as a precautionary measure, the French authorities reserve the possibility of postponingthe date of abrogation in the case of unanticipated exceptional events.  However, the same datewill in any case apply to the abrogation of the legal tender status of both banknotes and coins.
4. According to the draft decrees and in line with Article 16 of Regulation EC No 974/98,
banknotes denominated in French francs will be exchanged, subject to the provisions of DecreeNo 2001-933 of 12 October 2001
5, at the offices of the Banque de France, the Institut
d'Emission des Départements d'Outre-Mer and the Treasury until 17 February 2012. Coinsdenominated in French francs will continue to be exchanged until 17 February 2005. Specificprovisions will apply to the exchange of collector coins, as listed in Annex 2 of the second draftdecree.
5. The draft decrees (in their respective Articles 4 an d 3) expressly specify that they apply to the
French territorial community of Mayotte. Although Council Decision 1999/95/EC of31 December 1998 concerning the monetary arrangements in the French territorial communitiesof Saint-Pierre-et-Miquelon and Mayotte
6 treats these two communities on an equal footing, the
ECB understands, on the basis of information received from the French authorities, that unlikeMayotte, Saint-Pierre-et-Miquelon does not need to be expressly mentioned as this communitywould in any case be covered by the draft decrees. 
                                                     
4  OJ L 139, 11.5.1998, p. 1.
5 See in this respect the ECB opinion of 30 August 2001 on a draft decree relating to the marking of banknotes
denominated in francs (CON/2001/20).
6 OJ L 30, 4.2.1999, p. 29.
36. The ECB confirms that it has no objection to the competent national authorities making this
opinion publicly available at their discretion.
Done at Frankfurt am Main on 24 January 2002.
The President of the ECB
[signed]
Willem F. DUISENBERG