Amended proposal for a Council Regulation (EC) on denominations and technical specifications of euro coins

Amended proposal for a Council Regulation (EC) on denominations and technical specifications of euro coins (1) (97/C 386/07) (Text with EEA relevance) COM(97) 615 final - 97/0154(SYN)

(Submitted by the Commission pursuant to Article 189a (2) of the EC-Treaty on 14 November 1997)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the treaty establishing the European Community, and in particular Article 105a (2) thereof,

Having regard to the proposal from the Commission,

Having regard to the opinion of the European Central Bank,

In cooperation with the European Parliament,

(1) Whereas, at the meeting of the European Council in Madrid on 15 and 16 December 1995 a scenario for the changeover to the single currency was adopted which provides for introduction of coins in euro by 1 January 2002 at the latest;

(2) Whereas Article 105a (2) of the Treaty states that 'Member States may issue coins subject to approval by the ECB of the volume of the issue. The Council may, acting in accordance with the procedure referred to in Article 189c and after consulting the ECB, adopt measures to harmonize the denominations and technical specifications of all coins intended for circulation to the extent necessary to permit their smooth circulation within the Community`

(3) Whereas the European Monetary Institute has indicated that euro banknotes will range from 5 euro to 500 euro; whereas the denominations of banknotes and coins will need to allow that cash payments of amounts expressed in euro and cent can be made easily;

(4) Whereas the EC Mint Directors were mandated to study and elaborate a report for a European single coinage system; whereas they submitted a report in November 1996 then a revised report in February 1997 indicating the denominations and technical specifications (diameter, thickness, weight, colour, composition and edge) of the new euro coins;

(5) Whereas the new European single coinage system should induce public confidence and entail technological innovations that would establish it as a secure, reliable and an efficient system;

(6) Whereas the acceptance of the new system by the publices is one of the main objectives of the EC coinage system; whereas public confidence in the new system would depend on the physical characteristics of the euro coins, which should be as user friendly as possible;

(7) Whereas consultations with consumers associations, the European Blind Union and representatives of the vending machines industry have been carried out to take into account the specific requirements of important categories of coins users; whereas, in order to ensure a smooth changeover to the euro and facilitate acceptance of the new coinage systems by users, easy distinction between coins through visual and tactile characteristics will need to be guaranteed;

(8) Whereas the new euro coins will be more readily distinguishable and easier to become accustomed to it if there is a link between their diameter and face value;

(9) Whereas some special security features are needed to reduce the scope for fraud for the 1 and 2 euro given their high value; whereas the use of a technique whereby coins are made in three layers and combine two different colours in the coin are considered to be the most efficient security features available today;

(10) Whereas giving the coins one European and one national side is an appropriate expression of the idea of European monetary union between Member States and could substantially increase the degree of acceptance of the coins by European citizens;

(11) Whereas in 1994 the Council and the European Parliament adopted a Directive (94/27/CE) limiting use of nickel in certain products in recognition that nickel could be a cause of allergies under certain conditions; whereas coins are not covered by this Directive; whereas nevertheless some Member States already use a nickel-free alloy called Nordic Gold in their current coinage system for reasons of public health; whereas it seems desirable to reduce the nickel content of coins when moving to a new coinage system,

HAS ADOPTED THIS REGULATION:

Article 1

The first series of euro coins will include eight denominations in the range from 1 cent to 2 euro with the following technical specifications.

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Article 2

This Regulation shall enter into force on 1 January 1999.

(1) OJ C 208, 9. 7. 1997, p. 5.