WRITTEN QUESTION E-1638/01 by Robert Goebbels (PSE) to the Commission. Decision of the Ecofin Council in Versailles.
Date: 2001-06-12
Institutions: European Parliament, Provisional data
Subjects: euro, euro area, supply

11.12.2001

EN

Official Journal of the European Communities

C 350 E/205

(2001/C 350 E/224)

WRITTEN QUESTION E-1638/01

by Robert Goebbels (PSE) to the Commission

(12 June 2001)

Subject: Decision of the Ecofin Council in Versailles

The Commission, the Council and the European Central Bank are still using the Ecofin (cid:145)decision(cid:146) banning
the circulation of banknotes before 1 January 2002 as the pretext for their refusal to supply the public
with euros in advance. Since the Ecofin in Versailles was an informal meeting of Economic and Finance
Ministers and the Treaty does not grant any decision-making power to Councils meeting informally, how
lawful is the decision which the Commission, the Council and the ECB are using as the basis for opposing
the advance distribution of a reasonable amount of small denominations to the general public before
1 January 2002?

Answer given by Mr Solbes Mira on behalf of the Commission

(20 July 2001)

The declarations published after an Ecofin Council (cid:129) be it formal or informal (cid:129) are political undertakings.
Deciding whether or not to issue banknotes to the public in advance is a political act which requires
consensus in the Council and the agreement of the ECB, which is responsible for putting the notes into
circulation. The informal Ecofin Council is an appropriate forum for such debates since all the authorities
concerned are present. The Versailles decision was taken after a long discussion within that forum.

(2001/C 350 E/225)

WRITTEN QUESTION E-1640/01

by Robert Goebbels (PSE) to the Commission

Subject: Advance distribution of euros to the general public

(12 June 2001)

The action group (cid:145)Euro 50 Group(cid:146), chaired by Mr Edmond AlphandØry, former French Minister for
Economic and Financial Affairs, has just met in Berlin to assess how prepared the euro zone is for the
introduction of the common currency on 1 January 2002. It was ascertained that most of the cash
dispensers in the countries concerned have only two drawers for the denominations to be distributed. In
real terms this means that the dispensers will not be able to supply € 5 and € 10 notes as well as € 20 and
€ 50 notes. It is these large denominations which will be distributed to the public. This situation is likely to
lead to a shortage of small denominations at the beginning of 2002, which will make the task of
commerce more difficult when the euro is introduced.

Why is the Commission not willing to allow the general public to acquire in advance, for example between
Christmas 2001 and 1 January 2002, a set of two € 5 banknotes and one € 10 banknote, by analogy with
the set of coins worth a total of € 20 which the general public will be able to obtain in the various
countries before the end of December 2001?

Answer given by Mr Solbes Mira on behalf of the Commission

(18 July 2001)

A great majority of cash dispensers have four drawers in eight of the twelve Member States concerned and
will thus be able to dispense small notes without any particular difficulty (five and/or 10 euro notes).
Irrespective of the number of drawers, small notes will be available in most cash dispensers in all the
Member States concerned except Finland, Greece and Luxembourg. Several Member States have also
decided to take extra measures in order to provide the public with small banknotes, such as setting up
specific cash points (L), paying social security amounts in small denominations (IRL), payment in small