WRITTEN QUESTION E-2316/98

by Roberta Angelilli (NI) to the Commission

(22 July 1998)

Subject: Introduction of the euro

With the advent of monetary union, the Member States are preparing for the introduction of the single currency, the euro, which will replace national currencies. This process will involve banks, public institutions, economic players and individual citizens and at all levels a considerable effort will have to be made to implement the changeover. In Italy, the Bank of Italy is responsible for issuing banknotes whereas the Istituto Poligrafico e Zecca dello Stato [state printing institute and mint] is responsible for minting coins. However, it has not yet been made possible for the latter to start scheduling the production of the euro, in contrast with the situation in other countries, such as France and the Netherlands, where a timescale for distribution has already been decided on. This fact is alarming given that for the introduction of the euro the Istituto Poligrafico e Zecca dello Stato would have to produce around 10 million coins a day, and that current production is running at two or three million coins a day with two shifts. At the same time, the regulation of demonetization has not even been taken into consideration yet: this will involve the destruction of 15 billion of lira-denominated coins, probably by melting them down. The situation is further complicated by the fact that the Istituto Poligrafico e Zecca dello Stato is likely to be restructured and privatized, which is causing concern among its employees.

In the light of the above:

1. Can the Commission check that the Italian Authorities are complying with the rules on the implementation of the single European currency in order to ensure that the introduction of the euro can be properly scheduled and carried out on time.

2. Are there any technical reasons relating to the restructuring and change in status of the Istituto Poligrafico e Zecca dello Stato that prevent scheduling for the production of the euro going ahead as normal?

3. Is it possible for a state mint responsible for minting a country's coins, which is an essentially public function, to continue to operate as such when it is part of a printing institute that has been privatised and become a public limited company?

4. What is the Commission's overall view on this matter?

Answer given by Mr de Silguy on behalf of the Commission

(16 September 1998)

The Italian mint director is very closely involved in all the preparations for the future euro coins. He is the chairman of the mint directors working group (MDWG).

The Commission regularly participates in meetings of the MDWG. From information obtained in that framework it appears that the Italian mint is among those planning to start production soonest. Italy is committed, as are all participating Member States, to put euro coins into circulation on 1 January 2002.

It has to be pointed out that the detailed technical specifications necessary for production are currently being finalised by the mint directors working group. Up to now only one Member State has started production.

Discussions are underway in all Member States with all concerned in order to define the logistical arrangements for the removal of national coins from currency in 2002.

As for the possible transformation of the Italian mint into a private company, it has to be pointed out that this is already the case in other Member States, notably in the Netherlands.