Monetary Agreement between the Italian Republic, on behalf of the European Community, and the Republic of San Marino
Date: 2000-11-29
Institutions: European Community, Italy, San Marino
Subjects: Italy, San Marino, agreement (EU), application of EU law, euro, monetary agreement, monetary policy, single monetary policy

27.7.2001

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Official Journal of the European Communities

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I

(Information)

COUNCIL

(TRANSLATION)

MONETARY AGREEMENT

BETWEEN THE ITALIAN REPUBLIC, ON BEHALF OF THE EUROPEAN COMMUNITY, AND THE
REPUBLIC OF SAN MARINO

THE ITALIAN REPUBLIC, on behalf of the EUROPEAN COMMUNITY,

(2001/C 209/01)

and

THE REPUBLIC OF SAN MARINO

Having regard to the Treaty establishing the European Community, in particular Article 111(3) thereof,

Having regard to the Council Decision of 31 December 1998 on the position to be taken by the
Community regarding an agreement concerning the monetary relations with the Republic of San Marino,

(1) Considering the principles established in the existing Agreements between the Italian Republic and

the Republic of San Marino.

(2) Considering the provisions of bilateral agreements on monetary matters, and most recently the
Convenzione monetaria tra la Repubblica Italiana e la Repubblica di San Marino, concluded on 21
December 1991.

(3) Considering that pursuant to Council Regulation (EC) No 974/98 of 3 May 1998, since 1 January
1999 the euro, at the fixed conversion rate, has been substituted for the currency of each Member
State participating in the third stage of Economic and Monetary Union.

(4) Considering that the Decision of the Council of the European Union, meeting in the composition of
Heads of State or Government, of 3 May 1998 laid down that Italy was one of the Member States of
the European Community that would adopt the euro.

(5) Considering that since 1 January 1999 the European Community has been competent for monetary

matters relating to Member States which adopt the euro.

(6) Considering that under Declaration No 6 annexed to the Final Act of the Treaty on European Union,
the Community undertook to facilitate such renegotiations of existing arrangements with the Republic
of San Marino as might become necessary as a result of the introduction of the single currency.

(7) Considering that as a result of the introduction of the euro it has become necessary to renegotiate the
current Convenzione monetaria tra la Repubblica Italiana e la Repubblica di San Marino, concluded
on 21 December 1991.

(8) Considering that in its Decision of 31 December 1998, the Council

laid down arrangements for
negotiating and concluding the Agreement concerning monetary relations with the Republic of San
Marino.

(9) Considering that under Decision the Italian Republic is to conduct the negotiations with the Republic
of San Marino on behalf of the Community, that the Commission is to be fully associated with the
negotiations, and that the European Central Bank is to be fully associated with the negotiations in its
field of competence.

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(10) Considering that under that Decision one of the principles on which the Community’s position in the
negotiations is based is that the Republic of San Marino shall undertake not to issue any banknotes,
coins or monetary surrogates of any kind unless the conditions for such issuance have been agreed
with the Community, and that this does not prejudge the right of the Republic of San Marino to
continue issuing gold coins denominated in scudi.

(11) Considering that the Republic of San Marino may be authorised to issue euro collector coins.

(12) Considering that in its Decision of 31 December 1998 the Council laid down that financial insti-
tutions located in the Republic of San Marino may have access to payment systems within the euro
area under appropriate conditions to be determined with the agreement of the European Central Bank
Considering that, in view of the close ties between the Italian Republic and the Republic of San
Marino, that access should be ensured through Italian payment systems,

HAVE AGREED AS FOLLOWS:

Article 1

As from 1 January 1999 the Republic of San Marino shall be entitled to use the euro as its official
currency in accordance with Regulations (EC) No 1103/97 and (EC) No 974/98.

The Republic of San Marino shall grant legal tender status to euro banknotes and coins as from 1 January
2002.

The Republic of San Marino undertakes to make Community rules on euro banknotes and coins applicable
in the Republic of San Marino and to align itself to the Italian Republic’s timetable for the introduction of
euro banknotes and coins.

The Republic of San Marino also undertakes to follow the Italian Republic’s timetable for the withdrawal of
San Marino lira coins.

Article 2

The Republic of San Marino shall not issue any banknotes, coins or monetary surrogates of any kind
unless the conditions for such issuance have been agreed with the Community. The conditions for issuing a
limited quantity of euro coins as from 1 January 2002 and of lira coins until 31 December 2001 are laid
down in the following Articles.

Article 3

As from 1 January 2002 the Republic of San Marino may issue euro coins for a maximum annual face
value of EUR 1 944 000.

Euro coins issued by the Republic of San Marino shall be identical to those issued by the Member States of
legal tender status,
the European Community which have adopted the euro as far as the face value,
technical characteristics, artistic features of the common side and the shared artistic features of the
national side are concerned.

The Republic of San Marino shall notify in advance the artistic features of the national side to the
competent Community authorities.

Article 4

The annual face value of the euro coins issued by the Republic of San Marino shall be added to the volume
of the coins issued by the Italian Republic for the purposes of European Central Bank approval of the total
volume of the issue by the Italian Republic in accordance with Article 106(2) of the Treaty establishing the
European Community.

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No later than 1 September each year the Republic of San Marino shall notify the Italian Republic of the
face value of the euro coins that it intends to issue during the following year.

This Agreement does not prejudge the right of the Republic of San Marino to continue issuing gold coins
denominated in scudi.

Article 5

The Republic of San Marino may issue euro collector coins. They shall be included in the annual face value
referred to in Article 3. The issue of euro collector coins by the Republic of San Marino shall be in
accordance with the guidelines laid down for collector coins issued by the Member States of the European
Community, which, inter alia, prohibit the issue of euro collector coins until 1 January 2002 and require
the adoption of technical characteristics, artistic features and denominations that enable euro collector
coins to be distinguished from coins intended for circulation.

Collector coins and gold coins denominated in scudi issued by the Republic of San Marino shall not be
legal tender in the European Community.

The Italian Republic shall put the Istituto Poligrafico e Zecca dello Stato at the disposal of the Republic of
San Marino for the minting of San Marinese coins.

Article 6

The Republic of San Marino undertakes to use the Istituto Poligrafico e Zecca dello Stato and no other
establishment to mint its coins as long as this Agreement remains in force.

The Republic of San Marino may not issue euro coins until 1 January 2002.

Article 7

The Republic of San Marino may issue lira coins until 31 December 2001. The following provisions shall
apply to such lira issues:

(cid:151) lira coins, in the denominations that the Republic of San Marino intends to mint, shall be identical to
Italian lira coins as regards the metal, chemical composition, face value, dimensions and intrinsic value
of the individual coins;

(cid:151) coins of the Italian Republic and coins of the Republic of San Marino shall have identical status as legal
tender in each other’s territories in relations between private individuals and organisations and in
relations with public institutions;

(cid:151) either State may request that San Marinese coins accumulating in the Italian Treasury vaults be

exchanged into Italian currency;

(cid:151) no limit shall be set on the value of gold coins that may be minted; such coins shall be legal tender in
the territory of the Republic of San Marino only; the face value of the non-gold coin issue may not
exceed a total of LIT 3 677 805 000 each year;

(cid:151) the annual face value of the lira coins issued by the Republic of San Marino shall be added to the
volume of coins issued by the Italian Republic for the purposes of European Central Bank approval of
the total volume of the issue by the Italian Republic in accordance with Article 106(2) of the Treaty
establishing the European Community;

(cid:151) each State undertakes to suppress and punish any counterfeiting of the other’s coins that may take

place on its territory.

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The Republic of San Marino shall cooperate closely with the European Community with regard to
measures against counterfeiting of euro banknotes and coins and in order to suppress and punish any
counterfeiting of euro coins and banknotes that may take place in its territory.

Article 8

Financial institutions located in the Republic of San Marino may have access to payment systems within
the euro area under appropriate terms and conditions determined by the Banca d’Italia with the agreement
of the European Central Bank.

Article 9

The Parties agree that the Convenzione monetaria tra la Repubblica Italiana e la Repubblica di San Marino,
concluded on 21 December 1991, will expire once this Agreement enters into force.

Article 10

Article 11

This Agreement shall enter into force on the first day of the month following the date on which the Parties
have notified each other that their ratification, conclusion or adoption procedures have been completed in
accordance with the rules applicable to each Party.

Every two years the competent financial bodies of the Italian Republic and of the Republic of San Marino
shall by common agreement revise by way of administrative procedure the amount referred to in Article 3,
on the basis of the ISTAT index of changes in consumer prices over the previous two years. The first such
revision shall be carried out from 1 January 2004.

Each Party and the bodies participating in the procedure leading to the conclusion of this Agreement may
request a review of the provisions thereof. If, following such review, it should prove desirable to amend the
provisions of this Agreement, current procedures and current Community law shall apply.

Either Party may withdraw from this Agreement by giving one year’s notice.

In witness whereof, the undersigned Plenipotentiaries, vested with full powers, have signed this Agreement
and thereunto set their seals.