WRITTEN QUESTION E-1637/01 by Robert Goebbels (PSE) to the Council. Decision of the Ecofin Council in Versailles.
Date: 2001-06-12
Institutions: European Parliament, Provisional data
Subjects: European Central Bank, euro, euro area, supply

4.4.2002

EN

Official Journal of the European Communities

C 81 E/45

(2002/C 81 E/055)

WRITTEN QUESTION E-1637/01

by Robert Goebbels (PSE) to the Council

(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?

(2002/C 81 E/056)

WRITTEN QUESTION E-1639/01

by Robert Goebbels (PSE) to the Council

(12 June 2001)

Subject: Advance distribution of euros to the general public

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 Council 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?

Joint answer
to Written Questions E-1637/01 and E-1639/01

(26 November 2001)

The Ministers, meeting informally, are not empowered to take decisions instead of the Council. However,
at such a meeting they may comment publicly on subjects of common interest.

At an informal meeting in Versailles in September 2000, the Ministers and Central Banks Governors did
discuss problems concerning the introduction of the euro, especially the suggestions regarding frontload-
ing, although they did not consider it advisable that the ECB should amend the frontloading procedures
provided for in its Guideline of 10 January 2001 on the 2002 cash changeover.

It should be pointed out that, under Article 106 of the Treaty establishing the European Community, the
ECB has the exclusive right to authorise the issue of banknotes within the Community.