EN
OPINION OF THE EUROPEAN CENTRAL BANK
of 30 August 2001
at the request of the Italian Ministry of Econ omy and Finance on a draft Decree Law introducing
urgent provisions for the introduction and safeguard of the euro
(CON/2001/22)
1. On 10 August 2001 the European Central Bank (ECB) received an urgent request from the Italian
Ministry of Economy and Finance for an opinion on a draft Decree Law containing urgent provisions
for the introduction and safeguard of the euro (the Draft Act).
2. The ECBs competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the
European Community, and on the first, fifth and sixth indents of Article 2(1) of CouncilDecision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by nationalauthorities regarding draft legislative provisions
1. In addition, Article 11(2) of the Council
Framework Decision of 29 May 2000 on increasing protection by criminal penalties and other
sanctions against counterfeiting in connection with the introduction of the euro2 provides the ECB
with the possibility to contribute to the drafting of the provisions transposing the obligations imposedon Member States under the Framework Decision into national law. In accordance with the firstsentence of Article 17.5 of the Rules of Procedure of the European Central Bank
3, this opinion has
been adopted by the Governing Council of the ECB. 
3. The Draft Act is composed of two sections. Section I ( Disposizioni per il passaggio alleuro del
sistema bancario e finanziario ) deals with the introduction of the euro and the smooth operation of
banks and other providers of financial services, along the lines of the provisions of the CommissionRecommendation of 11 October 2000 on measures to facilitate the preparation of economic operatorsfor the changeover to the euro
4. The Draft Act intends to ensure that all financial institutions
concerned by the euro changeover are covered. Furthermore, this section contains provisions
                                                     
1OJ L 189, 3.7.1998, p. 42.
2OJ L 140, 14.6.2000, p. 1.
3OJ L 125, 19.5.1999, p. 34.
4OJ C 303, 24.10.2000, p. 6.
2regarding the closure of the Italian TARGET component BI-REL, on the basis of decisions of the
Governing Council of the ECB on the TARGET operating days calendar. 
4. Section II ( Disposizioni contro la falsificazione delleuro ) focuses on the implementation of the
Framework Decision, and of Council Regulation (EC) No 1338/2001 of 28 June 2001 laying down
measures necessary for the protection of the euro against counterfeiting5. 
5. Article 1(1) and (2) provides for the possibility for banks to convert accounts denominated in euro
area currencies to euro with effect from the date of entry into force of the Decree Law. Any suchconversion will be formally announced in the Gazzetta Ufficiale della Repubblica Italiana.
Customers will be entitled to expressly request, within 15 days of publication, that their accounts
continue to be denominated in lire. Moreover, Article 1(3) lays down several provisions concerningthe denomination of cheques and other credit instruments from 1 January 2002. The ECB understandsthat the provisions on early conversion of accounts are fully in line with the principle of nocompulsion, no prohibition and welcomes the legal clarification provided by Article 1(3). 
6. The ECB understands that Article 3 of the Draft Act enables the Banca dItalia to close, in
compliance with the decisions taken within the European System of Central Banks, the ItalianTARGET component BI-REL on national working days which are TARGET closing days, asdetermined by decisions of the Governing Council of the ECB. The ECB notes that, according to the
Draft Act, any such closure of the BI-REL is subject to an announcement being made in the Gazzetta
Ufficiale della Repubblica Italiana at least 15 days in advance of the scheduled closure day.
Furthermore, this Article provides for the automatic extension of a maturity date for an obligation tobe settled in the BI-REL system to the next business day, whenever the maturity date in question falls
on a TARGET, and thus BI-REL, closing day, which is a national working day in Italy. The ECBwelcomes the proposed Article, since it provides legal certainty as to when the obligations need to besettled if they fall due on a TARGET, and thus BI-REL, closing day, which is also an Italian nationalworking day. 
7. The ECB welcomes Article 5 of the Draft Act, which partially implements Article 3 of the
Framework Decision. It provides that fraudulent conduct relating to holograms or other components
of currency, which serve to protect against counterfeiting, are punishable. The ECB recalls thatfraudulent making, receiving, obtaining or possession of computer programs  adapted for the
counterfeiting or altering of currency needs to be  punishable to fully comply with Article 3(1)(d) of
the Framework Decision. 
8. The Draft Act does not implement Article 4 of th e Framework Decision as regards making punishable
the fraudulent use of legal facilities or materials. This Article cannot be interpreted narrowly, asthough it referred only to State officials and employees directly involved in the process leading to theissuance of coins and banknotes. Rather, it should be seen as applying to all persons who may be
                                                     
5OJ L 181, 4.7.2001, p. 6.
3involved in this process (e.g. suppliers of material needed for the issuance of coins and banknotes).
The ECB takes note that the Italian authorities consider it unnecessary to provide a specific criminalsanction for illegal activities covered by Article 4. The explanatory memorandum to the Draft Actpoints out that in Italy no private companies are currently involved in manufacturing banknotes andcoins. Italian authorities have informed the ECB that , for the time being, the violations considered in
Article 4 of the Framework Decision could be committed by public officials only and are thereforealready sanctioned by existing criminal law.
9. As regards the obligation set forth in Article 2(2) of the Framework Decision concerning the
International Convention of 20 April 1929 for the Suppression of Counterfeiting Currency and itsProtocol (the Geneva Convention), the ECB recalls that the text of the provisions transposing theGeneva Convention into Italian Law should be transmitted to the ECB in accordance withArticle 11(2) of the Framework Decision.
10.  As far as compliance with Regulation (EC) No 1338/2001 is concerned, the ECB understands that
the role conferred on the Ministry of Economy and Fi nance and the Banca dItalia by Article 7(4) is
that of the competent national authority as referred to in Article 2(b) of the above-mentionedRegulation. The ECB is aware that the Banca dItalia has been designated as the National AnalysisCentre for Italy (NAC), in a letter of 20 June 2001 sent to the President of the ECB by the Director
General of the Ministry of Finance, Balance of Payments and Economic Programming. The ECBconfirms its agreement with this designation by means of a separate letter.
11. This opinion shall be without prejudice to Italys obligation to transmit to the ECB the text of the
provisions transposing into Italian law the oblig ations imposed on it under the Framework Decision.
12. The ECB confirms that it has no objection to the publication of this opinion at the discretion of the
competent national authority.
Done at Frankfurt am Main on 30 August 2001.
The President of the ECB
[signed]
Willem F. DUISENBERG