EN ECB-PUBLIC 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 29 February 2012 
on the protection of the euro against counterfeiting 
and on the authentication of euro coins 
(CON/2012/15) 
 
Introduction and legal basis  
On 27 January 2012, the European Central Bank (ECB)  received a request from the Greek Ministry of 
Finance for an opinion on a draft law on measures for the protection of the euro against counterfeiting and 
on the authentication of euro coins. 
The ECB’s competence to deliver an  opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and the first, second and third indents of Article 2(1) of Council 
Decision 98/415/EC of 29 June 1998  on the consultation of the E CB by national authorities regarding 
draft legislative provisions1, as the draft law concerns currency matters, means of payment and the Bank 
of Greece. In accordance with the firs t sentence of Article 17.5 of the Rules of Procedure of the ECB, the 
Governing Council has adopted this opinion. 
 
1.  Purpose of the draft law 
1.1 The draft law will align the Greek legal frame work for the protection of the euro against 
counterfeiting with the following Union legislation:   (i) Article 6 of Council Regulation (EC) 
No 1338/2001 of 28 June 2001 laying down meas ures necessary for the protection of the euro 
against counterfeiting2; and (ii) Chapters II and IV of Regulation (EU) No 1210/2010 of the 
European Parliament and of the Council of 15 December 2010 concerning authentication of euro coins and handling of euro coins unfit for circulation
3.  
1.2 More specifically: (i) under Article 1 of the draf t law the addressees will have  to ensure that euro 
coins that they have received and intend to put back  into circulation are subject to an authentication 
procedure in accordance with Article 3(1) of Regulation (EU) No 1210/2010. Following 
                                                 
1  OJ L 189, 3.7.1998, p. 42. 
2  OJ L 181, 4.7.2001, p. 6.  
3  OJ L 339, 22.12.2010, p. 1. Deci sion No 2/2047/0025 of the Minister of  Finance of 7 January 2011 (FEK Β 4, 7.1.2011) 
already aligned Greek legislation since Chapter III already applie d from the date of entry into force of the Regulation, i.e. 
11 January 2011 in accordance with Article 14 of Regulation (EU) No 1210/2010. 
ECB-PUBLIC 
2 authentication, the addressees4 will hand all suspected counterfe it coins over to the designated 
police authority, who will further them to the Coin  National Analysis Centre, and they will hand 
over euro coins unfit for circulation to the Bank of Greece; (ii) Article 2 of the draft law designates the Bank of Greece as the competent authority to  ensure compliance with the abovementioned 
provisions of Regulations (EC) No 1338/2001 and No 1210/2010
5; (iii) Article 3 of the draft law 
sets out the relevant reporting obligations of the Bank of Greece and its powers to adopt the 
necessary instruments to facilitate the addressees’ implementation of the draft law; (iv) Article 4 of 
the draft law sets out the fines that the Bank of Greece may impose in cases of non-compliance by 
the addressees with the abovementioned provi sions of Regulation (EC) No 1338/2001 and 
No 1210/2010. Consequently, Article 5 of the draf t law repeals Law No 2639/2010 of the Governor 
of the Bank of Greece imposing sanctions on credit  institutions and bureaux de change failing to 
withdraw counterfeit euro coins from circulation6.  
 
2. General observations  
2.1 The draft law will lay down measures for the prot ection of the euro against counterfeiting and on 
the authentication of euro coins, in line with Article 6 of Regulation (EC) No 1338/2001 and 
Chapters II and IV of Regulation (EU) No 1210/20 10. In this respect, the ECB welcomes the draft 
law as a means to further safeguard the integrity of  euro coins as a means of payment and therefore 
maintain the general public’s confidence in euro coins.  
2.2 National authorities are not formally obliged to consult the ECB on the implementation of the 
Member States’ obligation to take the necessary meas ures to ensure that breaches of Article 6(1) of 
Regulation (EC) 1338/2001 are subject to effect ive, proportionate and deterrent sanctions. 
However, to preserve the integrity of euro co ins as means of payment, the ECB considers it 
beneficial to harmonise throughout the Un ion the national measures implementing the 
abovementioned obligation in relation to euro coin authentication to the extent possible, subject to 
national peculiarities. In this respect, the EC B welcomes the draft Gree k law, which lays down 
effective, proportionate and deterrent sanctions.  
 
                                                 
4  According to Article 1 of the draft law, other economic agents , such as traders and casinos, will also be subject to this 
obligation to withdraw from circulation suspected counterfeit euro coins and ha nd them over to the police authority. 
However, these economic agents are not subject to authentication requirements; see Article 2(d) in conjunction with 
Article 3(1) of Regulation 1210/2010. 
5  In particular in terms of testing re quirements for coin-processing machines provi ded for in Articles 4 and 5 of Regulation 
(EU) No 1210/2010. 
6  FEK B 17, 14.1.2011. The ECB was consulted on the releva nt draft provisions aimed at applying the withdrawal 
obligation under Article 6(1) of Regulation (EC) No 1338/2001  as regards euro coins only to credit institutions and 
bureaux de change, as in the field of euro coins the Bank of Greece has competence only as regards the institutions it 
supervises, including credit ins titutions and bureaux de change . In that respect, paragraph 2.3 of Opinion CON/2010/87 
referred to the immine nt application of Regulation (EU) No 1210/2010 fro m 1 January 2012 to all institutions referred to 
in Article 6(1) of Regulation (EC) No 1338/2001.  
ECB-PUBLIC 
3 3. Specific observations 
Article 2 of the draft law designates the Bank of Greece as the competent authority to ensure compliance 
with Regulations (EC) No 1338/2001 and No 1210/2010.  In view of the human and financial resources 
required for the performance of these tasks, the ECB has consistently expressed its concern that, when 
allocating additional tasks to nationa l central banks, it must be ensured that they have sufficient human 
and financial resources, both in terms of  quantity and quality, for all their t asks, and in particular that their 
capacity to perform their European System of Centra l Banks or Eurosystem-related tasks is not affected7. 
 This opinion will be published on the ECB’s website.   Done at Frankfurt am Main, 29 February 2012. 
 
[signed] 
 
The President of the ECB 
Mario DRAGHI 
                                                 
7   See e.g. CON/2011/105.