CELEX: 52011PC0295
Language: en
Date: 2011-05-25
Title: Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the issuance of euro coins

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		52011PC0295
		
			REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the issuance of euro coins Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the issuance of euro coins /* COM/2011/0295 final - COD 2011/0131 */
			
				
		
		
			
			   	2011/0131 (COD)
Proposal for a
REGULATION OF THE EUROPEAN PARLIAMENT
AND OF THE COUNCIL
on the issuance of euro coins
THE EUROPEAN PARLIAMENT AND THE
COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the
Functioning of the European Union, and in particular Article 133 thereof,
Having
regard to the proposal from the European Commission, 
Having
regard to the Opinion of the European Central Bank,
After transmission of the draft legislative
act to the national Parliaments,
Acting
in accordance with the ordinary legislative procedure,

Whereas:
(1)              
The Council conclusions of 23 November 1998 and
of 5 November 2002 on euro coins intended for collection, the Commission
Recommendation 2009/23/EC of 19 December 2008 on common guidelines for the
national sides and the issuance of euro coins intended for circulation[1], endorsed by Council
conclusions of 10 February 2009, and the Commission Recommendation 2010/191/EU
of 22 March 2010 on the scope and effects of legal tender of euro banknotes and
coins[2],
provide for recommended practices regarding euro collector coins, the issuance
of euro coins intended for circulation, including commemorative circulation
coins, and consultation prior to the destruction of fit euro circulation coins.

(2)              
The lack of mandatory provisions for issuance of
euro coins may result in different practices among Member States and does not
achieve a sufficiently integrated framework for the single currency. In the
interest of legal transparency and certainty, it is therefore necessary to introduce
binding rules for the issuance of euro coins. 
(3)              
In accordance with Council Regulation (EC) No
974/98 of 3 May 1998 on the introduction of the euro[3], coins denominated in euro and
cent and complying with the denominations and technical specifications laid
down by the Council have the status of legal tender in all 'participating
Member States' as defined in that Regulation. Their denominations and technical
specifications are laid down in Council Regulation (EC) No 975/98 of 3 May 1998
on denominations and technical specifications of euro coins intended for
circulation[4].

(4)              
Apart from regular euro circulation coins,
Member States may also issue commemorative euro circulation coins to celebrate
specific subjects, subject to limits set per year and issuing Member State for
the number of issues of such coins. It is furthermore necessary to establish
certain volume limits for commemorative circulation coins in order to ensure
that such coins remain a minor percentage of the total number of the 2-euro
coins in circulation. At the same time, these volume limits should allow for
the issuance of a sufficient volume of coins to ensure that commemorative coins
can circulate effectively.
(5)              
Member States should also be able to issue euro
collector coins, which are not intended for circulation and which should be
readily distinguishable from euro circulation coins. Euro collector coins should
have legal tender status only in the Member State of issuance and should not be
issued with a view to their entry into circulation.
(6)              
In order to ensure that euro collector coins are
not confused with euro circulation coins they should be readily distinguishable
from the latter. It is furthermore appropriate that issuances of euro collector
coins are accounted for in the volume of coins to be approved by the European
Central Bank (ECB), but on an aggregate basis rather than for each individual
issue.
(7)              
It is appropriate and in line with common
practice among participating Member States that euro circulation coins,
including commemorative circulation coins, should be put into circulation at
face value, although a minor proportion may be sold at a higher price if
produced with a special quality or presented in special packaging.
(8)              
In order to avoid that fit euro circulation
coins are destroyed by one Member State while there may be a need of such coins
in another, Member States should consult each other prior to the destruction of
such coins.
HAVE ADOPTED THIS REGULATION:
Article 1
Subject
matter
This Regulation lays down rules on the
issuance of euro circulation coins, including commemorative circulation coins,
on the issuance of euro collector coins, and on consultation prior to the
destruction of fit euro circulation coins.
Article 2
Definitions
For the purposes of this Regulation, the
following definitions shall apply:
1. "Euro circulation coins" means
euro coins intended for circulation, whose denominations and technical
specifications are laid down in Council Regulation (EC) No 975/98 of 3 May
1998.
2. "Commemorative euro circulation
coins" means euro circulation coins, which are intended to commemorate a
specific subject as specified in Article 1f of Council Regulation (EC) No
975/98.
3. "Euro collector coins" means
euro coins intended for collection that are not intended to enter into circulation.
Article 3
Types
of euro coins
Member States may
issue two types of euro coins: euro circulation coins, which include
commemorative euro circulation coins, and euro collector coins.
Article 4
Issuance
of euro circulation coins 
1. Euro
circulation coins shall be issued at face value.
2. By derogation
from paragraph 1, a minor proportion, not exceeding 5 % of the total value
and volume of issued euro coins, may be issued above face value if justified by
the special quality of the coin or a special packaging. 
Article 5
Issuance
of commemorative euro circulation coins
1. Each participating Member State may only
issue one commemorative euro circulation coin per year, except in cases where:
(a) commemorative euro circulation coins are
collectively issued by all participating Member States;
(b) a possible commemorative euro
circulation coin is issued at the occasion of a temporary vacancy or a
provisional occupation of the function of Head of State.
2. The total number of commemorative
circulation coins issued for each individual issue shall not exceed the higher
of the following two ceilings:
a) 0,1 % of the total number of 2-euro
coins brought into circulation by all participating Member States up to the
beginning of the year preceding the year of issuance of the commemorative coin;
this ceiling may be raised to 2,0 % of the total circulation of 2-euro coins of
all participating Member States if a widely recognised and highly symbolic
subject is commemorated, in which case the issuing Member State shall refrain
from launching another commemorative circulation coin issue using the raised
ceiling during the subsequent four years and shall set out the reasons for
choosing the raised ceiling.
b) 5,0 % of the total number of 2-euro
coins brought into circulation by the issuing Member State concerned up to the
beginning of the year preceding the year of issuance of the commemorative coin.
3. The issuance of commemorative euro
circulation coins collectively issued by all participating Member States shall
be approved by the Euro Group. 
Article 6
Issuance
of euro collector coins
1. Euro collector
coins shall have legal tender status only in the issuing Member State.
The identity of
the issuing Member State shall be clearly and easily recognisable on the coin.
2. In order to be
easily differentiated from euro circulation coins, euro collector coins shall meet
all of the following criteria:
a) their face
value shall be different from the face values of euro circulation coins;
b) they shall not
use images which are similar to the common sides of euro circulation coins or
to any national side of euro circulation coins; 
c) their colour,
diameter and weight shall differ significantly from euro circulation coins for
at least two of these three characteristics; the difference shall be regarded
as significant if the values including tolerances are outside the tolerance
ranges fixed for euro circulation coins;
d) they shall not
have a shaped edge with fine scallops or a 'Spanish flower' shape;
3. Euro collector
coins may be issued at or above face value. 
4. The issuances
of euro collector coins shall be accounted for on an aggregated basis in the volume
of coin issuance to be approved by the ECB.
5. Member States shall take all appropriate measures to prevent euro
collector coins from being used as means of payments, such as special
packaging, certificate of authentication, previous announcement from the
issuing authority or issuance above face value.
Article 7
Consultation prior to the destruction of euro circulation coins
Prior to the destruction of euro
circulation coins which are not euro coins unfit for circulation in accordance
with Article 2(b) of Regulation (EU) No 1210/2010[5], Member States shall consult
each other via the relevant subcommittee of the Economic and Financial Committee
and inform the Mint Directors of the participating Member States as defined in
Council Regulation (EC) No 974/98[6].
Article 8
Entry
into force
This Regulation shall enter into force on
the twentieth day following its publication in the Official Journal of the
European Union.
It shall be binding in its
entirety and directly applicable in the Member States in accordance with the
Treaties.
Done at Brussels,
For the European Parliament                       For
the Council
The President                                                 The
President
[1]               OJ L 9, 14.1.2009, p. 52.
[2]               OJ L 83, 30.3.2010, p. 70.
[3]               OJ L 139, 11.5.1998, p. 1.
[4]               OJ L 139, 11.5.1998, p. 6.
[5]               OJ L 339, 22.12.2010, p.1.
[6]               OJ L 139, 11.5.1998, p. 1.