Opinion of the European Central Bank of 30 August 2001 at the request of the Italian Ministry of Economy and Finance on a draft Decree Law introducing urgent provisions for the introduction and safeguard of the euro (CON/2001/22)
Date: 2001-08-30
Institutions: European Central Bank
Subjects: Italy, counterfeiting, euro, fight against crime, money, national law, payment system

EN

OPINION OF THE EUROPEAN CENTRAL BANK

of 30 August 2001

at the request of the Italian Ministry of Economy and Finance on a draft Decree Law introducing

urgent provisions for the introduction and safeguard of the euro

(CON/2001/22)

1.  On  10 August 2001  the  European  Central  Bank  (ECB)  received  an  urgent  request  from  the  Italian

Ministry of Economy and Finance for an opinion on a draft Decree Law containing urgent provisions

for the introduction and safeguard of the euro (the Draft Act).

2.  The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the

European  Community,  and  on  the  first,  fifth  and  sixth  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  provisions1.  In  addition,  Article  11(2)  of  the  Council

Framework  Decision  of  29  May  2000  on  increasing  protection  by  criminal  penalties  and  other

sanctions  against  counterfeiting  in  connection  with  the  introduction  of  the  euro2  provides  the  ECB

with the possibility to contribute to the drafting of the provisions transposing the obligations imposed

on  Member  States  under  the  Framework  Decision  into  national  law.  In  accordance  with  the  first

sentence of Article 17.5 of the Rules of Procedure of the European Central Bank3, this opinion has

been adopted by the Governing Council of the ECB. 

3.  The  Draft  Act  is  composed  of  two  sections.  Section  I  (Disposizioni  per  il  passaggio  all’euro  del

sistema bancario e finanziario) deals with the introduction of the euro and the smooth operation of

banks and other providers of financial services, along the lines of the provisions of the Commission

Recommendation of 11 October 2000 on measures to facilitate the preparation of economic operators

for  the  changeover  to  the  euro4.  The  Draft  Act  intends  to  ensure  that  all  financial  institutions

concerned  by  the  euro  changeover  are  covered.  Furthermore,  this  section  contains  provisions

1

2
3
4

OJ L 189, 3.7.1998, p. 42.
OJ L 140, 14.6.2000, p. 1.
OJ L 125, 19.5.1999, p. 34.
OJ C 303, 24.10.2000, p. 6.

                                                     
regarding  the  closure  of  the  Italian  TARGET  component  BI-REL,  on  the  basis  of  decisions  of  the

Governing Council of the ECB on the TARGET operating days calendar. 

4.  Section  II  (Disposizioni  contro  la  falsificazione  dell’euro)  focuses  on  the  implementation  of  the

Framework Decision, and of Council Regulation (EC) No 1338/2001 of 28 June 2001 laying down

measures necessary for the protection of the euro against counterfeiting5. 

5.  Article 1(1) and (2) provides for the possibility  for  banks  to  convert  accounts  denominated  in  euro

area  currencies  to  euro  with  effect  from  the  date  of  entry  into  force  of  the  Decree  Law.  Any  such

conversion  will  be  formally  announced  in  the  Gazzetta  Ufficiale  della  Repubblica  Italiana.

Customers  will  be  entitled  to  expressly  request,  within  15  days  of  publication,  that  their  accounts

continue to be denominated in lire. Moreover, Article 1(3) lays down several provisions concerning

the denomination of cheques and other credit instruments from 1 January 2002. The ECB understands

that  the  provisions  on  early  conversion  of  accounts  are  fully  in  line  with  the  principle  of  “no

compulsion, no prohibition” and welcomes the legal clarification provided by Article 1(3). 

6.  The  ECB  understands  that  Article  3  of  the  Draft  Act  enables  the  Banca  d’Italia  to  close,  in

compliance  with  the  decisions  taken  within  the  European  System  of  Central  Banks,  the  Italian

TARGET  component  BI-REL  on  national  working  days  which  are  TARGET  closing  days,  as

determined by decisions of the Governing Council of the ECB. The ECB notes that, according to the

Draft Act, any such closure of the BI-REL is subject to an announcement being made in the Gazzetta

Ufficiale  della  Repubblica  Italiana  at  least  15  days  in  advance  of  the  scheduled  closure  day.

Furthermore, this Article provides for the automatic extension of a maturity date for an obligation to

be settled in the BI-REL system to the next business day, whenever the maturity date in question falls

on  a TARGET, and thus  BI-REL,  closing  day,  which is a  national  working  day  in  Italy.  The  ECB

welcomes the proposed Article, since it provides legal certainty as to when the obligations need to be

settled if they fall due on a TARGET, and thus BI-REL, closing day, which is also an Italian national

working day. 

7.  The  ECB  welcomes  Article  5  of  the  Draft  Act,  which  partially  implements  Article  3  of  the

Framework Decision. It provides that fraudulent conduct relating to holograms or other components

of  currency,  which  serve  to  protect  against  counterfeiting,  are  punishable.  The  ECB  recalls  that

fraudulent  making,  receiving,  obtaining  or  possession  of  computer  programs  adapted  for  the

counterfeiting or altering of currency needs to be punishable to fully comply with Article 3(1)(d) of

the Framework Decision. 

8.  The Draft Act does not implement Article 4 of the Framework Decision as regards making punishable

the  fraudulent  use  of  legal  facilities  or  materials.  This  Article  cannot  be  interpreted  narrowly,  as

though it referred only to State officials and employees directly involved in the process leading to the

issuance  of  coins  and  banknotes.  Rather,  it  should  be  seen  as  applying  to  all  persons  who  may  be

5

OJ L 181, 4.7.2001, p. 6.

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involved in this process (e.g. suppliers of material needed for the issuance of coins and banknotes).

The ECB takes note that the Italian authorities consider it unnecessary to provide a specific criminal

sanction  for  illegal  activities  covered  by  Article  4.  The  explanatory  memorandum  to  the  Draft  Act

points out that in Italy no private companies are currently involved in manufacturing banknotes and

coins. Italian authorities have informed the ECB that, for the time being, the violations considered in

Article 4 of the Framework Decision could be committed by public officials only and are therefore

already sanctioned by existing criminal law.

9.  As  regards  the  obligation  set  forth  in  Article  2(2)  of  the  Framework  Decision  concerning  the

International  Convention  of  20  April  1929  for  the  Suppression  of  Counterfeiting  Currency  and  its

Protocol  (the  Geneva  Convention),  the  ECB  recalls  that  the  text  of  the  provisions  transposing  the

Geneva  Convention  into  Italian  Law  should  be  transmitted  to  the  ECB  in  accordance  with

Article 11(2) of the Framework Decision.

10.   As far as compliance with Regulation (EC) No 1338/2001 is concerned, the ECB understands that

the role conferred on the Ministry of Economy and Finance and the Banca d’Italia by Article 7(4) is

that  of  the  “competent  national  authority”  as  referred  to  in  Article  2(b)  of  the  above-mentioned

Regulation. The ECB is aware that the Banca d’Italia has been designated as the National Analysis

Centre for Italy (NAC), in a letter of 20 June 2001 sent to the President of the ECB by the Director

General  of  the  Ministry  of  Finance,  Balance  of  Payments  and  Economic  Programming.  The  ECB

confirms its agreement with this designation by means of a separate letter.

11.  This  opinion  shall  be  without  prejudice  to  Italy’s  obligation  to  transmit  to  the  ECB  the  text  of  the

provisions transposing into Italian law the obligations imposed on it under the Framework Decision.

12.  The ECB confirms that it has no objection to the publication of this opinion at the discretion of the

competent national authority.

Done at Frankfurt am Main on 30 August 2001.

The President of the ECB

[signed]

Willem F. DUISENBERG

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