EN 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 5 January 2010 
on the reproduction of forint and euro banknot es and of forint and euro coins in Hungary 
(CON/2010/1) 
 
Introduction and legal basis  
On 14 December 2009, the European Central Bank (ECB) received a request from the Magyar Nemzeti 
Bank (MNB) for an opinion on a draft decree on the reproduction of forint and euro banknotes (hereinafter the ‘draft banknotes decree’), and a draft decree on the reproduction of forint and euro coins, 
(hereinafter collectively referred to as ‘the draft decrees’). 
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 and second indents of Article 2(1) of Council Decision 
98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national authorities 
regarding draft legislative provisions
1, as the draft decrees concern currency matters and means of 
payment. In accordance with the firs t sentence of Article 17.5 of the Ru les of Procedure of the European 
Central Bank, the Governing Council has adopted this opinion. 
 1.  Purpose of the draft decrees 
1.1 The terms and conditions under which forint a nd euro banknotes and coins may be reproduced in 
Hungary are currently laid down in MNB decree 1/2006. By replacing MNB decree 1/2006 with the draft decrees, the MNB aims to separate its regul ation of banknotes and coins. The draft decrees 
focus on adapting the existing rules to relevant Union legislation and on reflecting the technical 
developments and new methods of reproducing banknotes and coins. 
1.2 The main purpose of the draft decrees is to pr otect forint and euro banknotes and coins against 
illegal or non-compliant reproductions. The draft de crees broaden the range of reproductions that 
are not subject to authorisation, regulate the authorisation process with regard to producing 
reproductions, set the basis for record-keeping, saf eguarding and the destruction of reproductions, 
and clarify copyright matters. 
1.3 The draft decrees refer to copyright matters in  relation to euro banknotes and coins. The draft 
decrees acknowledge that the reproductions of euro banknotes are governed by the rules of the 
                                                 
1  OJ L 189, 3.7.1998, p. 42. 
2 ECB2, and that the reproductions of euro coins are governed by Council Regulations3 and 
Commission provisions. 
2. General observations 2.1 Since Hungary is a Member State with a de rogation, the ECB’s requirements regarding the 
denominations, specifications, reproduction, exch ange and withdrawal of euro banknotes do not 
apply to the MNB as regards of the forint. These requirements will apply to the MNB once 
Hungary adopts the euro and the MNB becomes a fu lly integrated member of the Eurosystem. The 
ECB welcomes the MNB’s initiative to strengthe n the legal framework for forint banknote 
reproduction, which is similar to the ECB’s le gal framework for euro banknote reproduction.  
2.2 In respect of the national central banks that w ill become part of the Eurosystem, the ECB supports 
the policy of keeping a clear and consistent separ ation between national rules relating to banknotes 
and those relating to coins. The ECB therefore welcomes the draft decrees’ separation between 
rules on banknotes and coins as it facilitates the le gal convergence of the national legislative 
framework necessary for Hungary’s preparations fo r full participation in economic and monetary 
union.  
3. Specific observations 3.1 The ECB welcomes Article 9 of the draft banknot es decree, which provides that it is aimed at 
ensuring compliance with ECB rules on the reproduction of euro banknotes set out in Article 2 of Decision ECB/2003/4 and Articles 1 to 3 of Guideline ECB/2003/5. 
3.2 In order to protect euro banknotes and coins as a means of payment, the general public must be 
able to distinguish genuine euro banknotes a nd coins from reproductions. Accordingly, the ECB 
emphasises the importance of establishing rules on the reproduction of the euro in Member States 
outside the euro area. In this context, the above provisions of the draft decrees effectively provide 
for the protection of euro banknotes on the national level.  
 This opinion will be published on the ECB’s website.   Done at Frankfurt am Main, 5 January 2010. 
[signed] 
The President of the ECB 
Jean-Claude TRICHET 
                                                 
2  Decision ECB/2003/4 of 20 March 2003 on the denominations, specifications, reproduction, ex change and withdrawal of 
euro banknotes (OJ L 78, 25.3.2003, p. 16) and Guidelin e ECB/2003/5 of 20 March 2003 on the enforcement of 
measures to counter non-compliant reproductions of euro banknotes and on the exchange and withdrawal of euro 
banknotes (OJ L 78, 25.3.2003, p. 20). 
3  Council Regulation (EC) No 2182/2004 of 6 December 2004 concerning medals and token similar to coins.