Opinion of the European Central Bank of 5 January 2010 on the reproduction of forint and euro banknotes and of forint and euro coins in Hungary (CON/2010/1)
Date: 2010-01-05
Institutions: European Central Bank
Subjects: Hungary, counterfeiting, euro, money, national law

EN 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 5 January 2010 

on the reproduction of forint and euro banknotes and of forint and euro coins in Hungary 

(CON/2010/1) 

Introduction and legal basis 

On 14 December 2009, the European Central Bank (ECB) received a request from the Magyar Nemzeti 

Bank  (MNB)  for  an  opinion  on  a  draft  decree  on  the  reproduction  of  forint  and  euro  banknotes 

(hereinafter the ‘draft banknotes decree’), and a draft decree on the reproduction of forint and euro coins, 

(hereinafter collectively referred to as ‘the draft decrees’). 

The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 

Functioning of the European Union and the first and second 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,  as  the  draft  decrees  concern  currency  matters  and  means  of 

payment. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European 

Central Bank, the Governing Council has adopted this opinion. 

1.  

Purpose of the draft decrees 

1.1  The terms and conditions under which forint and euro banknotes and coins may be reproduced in 

Hungary are currently laid down in MNB decree 1/2006. By replacing MNB decree 1/2006 with 

the draft decrees, the MNB aims to separate its regulation of banknotes and coins. The draft decrees 

focus  on  adapting  the  existing  rules  to  relevant  Union  legislation  and  on  reflecting  the  technical 

developments and new methods of reproducing banknotes and coins. 

1.2  The  main  purpose  of  the  draft  decrees  is  to  protect  forint  and  euro  banknotes  and  coins  against 

illegal or non-compliant reproductions. The draft decrees broaden the range of  reproductions that 

are  not  subject  to  authorisation,  regulate  the  authorisation  process  with  regard  to  producing 

reproductions, set the basis for record-keeping, safeguarding and the destruction of reproductions, 

and clarify copyright matters. 

1.3  The  draft  decrees  refer  to  copyright  matters  in  relation  to  euro  banknotes  and  coins.  The  draft 

decrees  acknowledge  that  the  reproductions  of  euro  banknotes  are  governed  by  the  rules  of  the 

1  

OJ L 189, 3.7.1998, p. 42. 

 
 
 
 
                                                 
ECB2,  and  that  the  reproductions  of  euro  coins  are  governed  by  Council  Regulations3  and 

Commission provisions. 

2. 

General observations 

2.1  Since  Hungary  is  a  Member  State  with  a  derogation,  the  ECB’s  requirements  regarding  the 

denominations,  specifications,  reproduction,  exchange  and  withdrawal  of  euro  banknotes  do  not 

apply  to  the  MNB  as  regards  of  the  forint.  These  requirements  will  apply  to  the  MNB  once 

Hungary adopts the euro and the MNB becomes a fully integrated member of the Eurosystem. The 

ECB  welcomes  the  MNB’s  initiative  to  strengthen  the  legal  framework  for  forint  banknote 

reproduction, which is similar to the ECB’s legal framework for euro banknote reproduction.  

2.2 

In respect of the national central banks that will become part of the Eurosystem, the ECB supports 

the policy of keeping a clear and consistent separation between national rules relating to banknotes 

and  those  relating  to  coins.  The  ECB  therefore  welcomes  the  draft  decrees’  separation  between 

rules  on  banknotes  and  coins  as  it  facilitates  the  legal  convergence  of  the  national  legislative 

framework necessary for Hungary’s preparations for full participation in economic and  monetary 

union.  

3. 

Specific observations 

3.1  The  ECB  welcomes  Article  9  of  the  draft  banknotes  decree,  which  provides  that  it  is  aimed  at 

ensuring compliance with ECB rules on the reproduction of euro banknotes set out in Article 2 of 

Decision ECB/2003/4 and Articles 1 to 3 of Guideline ECB/2003/5. 

3.2 

In  order  to  protect  euro  banknotes  and  coins  as  a  means  of  payment,  the  general  public  must  be 

able  to  distinguish  genuine  euro  banknotes  and  coins  from  reproductions.  Accordingly,  the  ECB 

emphasises the importance of establishing rules on the reproduction of the euro in Member States 

outside the euro area. In this context, the above provisions of the draft decrees effectively provide 

for the protection of euro banknotes on the national level.  

This opinion will be published on the ECB’s website.  

Done at Frankfurt am Main, 5 January 2010. 

[signed] 

The President of the ECB 

Jean-Claude TRICHET 

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3  

Decision ECB/2003/4 of 20 March 2003 on the denominations, specifications, reproduction, exchange and withdrawal of 
euro  banknotes  (OJ  L  78,  25.3.2003,  p.  16)  and  Guideline  ECB/2003/5  of  20  March  2003  on  the  enforcement  of 
measures  to  counter  non-compliant  reproductions  of  euro  banknotes  and  on  the  exchange  and  withdrawal  of  euro 
banknotes (OJ L 78, 25.3.2003, p. 20). 
Council Regulation (EC) No 2182/2004 of 6 December 2004 concerning medals and token similar to coins. 

2