2003/738/EC: Council Decision of 7 October 2003 on the adoption of amendments to be made to Articles 3 and 7 of the Monetary Convention between the Italian Republic, on behalf of the European Community, and the Vatican City State, represented by the Holy See, and authorising the Italian Republic to give effect to these amendments
Date: 2003-10-07
Institutions: Council of the European Union
Subjects: Economic and Monetary Union, Holy See, Italy, euro, issuing of currency, monetary agreement

17.10.2003

EN

Official Journal of the European Union

L 267/27

COUNCIL DECISION

of 7 October 2003

on the adoption of amendments to be made to Articles 3 and 7 of the Monetary Convention
between the Italian Republic, on behalf of the European Community, and the Vatican City State,
represented by the Holy See, and authorising the Italian Republic to give effect to these amend-
ments

(2003/738/EC)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Com-
munity, and in particular Article 111(3) thereof,

Having regard to the recommendation from the Commis-
sion (1),

Having regard to the opinion of the European Central Bank (2),

Whereas:

(1)

(2)

(3)

(4)

(5)

Under a Monetary Convention signed on 29 December
2000 between the Italian Republic, on behalf of the
European Community, and the Vatican City State, repre-
sented by the Holy See (3) (the Monetary Convention),
the Vatican City State was entitled to use the euro as its
official currency and to grant legal tender status to euro
banknotes and coins.

Under the Monetary Convention, the Vatican City State
was also entitled to issue euro coins for a maximum
annual face value of EUR 670 000 and, for additional
amounts of EUR 201 000, under three special circum-
stances, namely in the year when the Holy See becomes
vacant,
in each Jubilee Year and in the year of the
opening of an Ecumenical Council.

An earlier Monetary Convention between the Vatican
City State and the Italian Republic allowed the former to
issue lira coins for a maximum annual face value of
ITL 1 billion subject to a maximum annual number of
100 million coins (4).

The earlier Monetary Convention also allowed the
Vatican City State to mint additional lira coins for a total
of ITL 300 million and, subject to a maximum number
of 30 million coins, under three special circumstances,
namely, in the year when the Holy See becomes vacant,
in each Jubilee Year and in the year of the opening of an
Ecumenical Council.

The maximum number of coins which can be minted by
the Vatican City State under the new Monetary Conven-
tion is lower than the maximum number of coins which
earlier Monetary
was

explicitly authorised by the

(1) Recommendation of 3 July 2003 (not published in the Official

Journal).

(2) OJ C 212, 6.9.2003, p. 10.
(3) OJ C 299, 25.10.2001, p. 1.
(4) Convenzione monetaria tra la Repubblica Italiana e lo Stato della
Città del Vaticano il 3 dicembre 1991 — Aggiornamento alla GU
06/05/97. Monetary Convention between the Italian Republic and
the Vatican City ratified by the Italian Republic under Law 119/
1994. Published in Official Journal of the Italian Republic No 43 of
22 February 1994.

Convention, both under normal and special circum-
stances. It is therefore desirable to increase the face value
of euro coins which the Vatican City State may issue
annually and in special circumstances. The total face
value of coins issued by the Vatican City State annually
forms part of the ceiling of coins issued by the Italian
Republic which is submitted to the European Central
Bank for prior approval under Article 106(2) of the
Treaty.

(6)

On 3 January 2003,
the Italian Republic officially
requested (5) an increase in the maximum annual face
value of euro coins the Vatican City State may issue
under both normal and special circumstances. The new
ceilings proposed by the Italian Republic fully corre-
spond to the maximum numbers of coins which were
explicitly authorised under the earlier Monetary Conven-
tion.

(7)

The Italian Republic should be authorised to give effect
to the amendments to the Monetary Convention,

HAS DECIDED AS FOLLOWS:

Sole Article

1.

The Monetary Convention shall be amended as follows:

(a) the first subparagraph of Article 3 shall be replaced by the

following:

‘As from 1 January 2004, the Vatican City State may issue
euro coins
value of
a maximum annual
for
EUR 1 000 000’;

face

(b) Article 7 shall be replaced by the following:

‘Article 7

In the year when the Holy See becomes vacant, the Vatican
City State may issue coins, in addition to the maximum
amount laid down in Article 3, totalling EUR 300 000.

In each Jubilee Year, the Vatican City State may issue coins,
in addition to the maximum amount laid down in Article
3, totalling EUR 300 000.

(5) Letter from Mr Tremonti, Minister of Economy and Finance of the
Italian Republic, to Mr Christodoulakis, President of the Council, of
3 January 2003.

L 267/28

EN

Official Journal of the European Union

17.10.2003

In the year of the opening of an Ecumenical Council, the Vatican City State may issue coins, in addition
to the maximum amount laid down in Article 3, totalling EUR 300 000.’

The Italian Republic is hereby authorised to make the necessary amendments to the Monetary

2.
Convention of behalf of the Community.

Done at Luxembourg, 7 October 2003.

For the Council

The President

G. TREMONTI