Euro Coins: New Commission Recommendation

Started by chrisild, January 11, 2009, 02:26:45 PM

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chrisild

Umm, that Reuters article is about the issue volume issue, so to say, which we have been discussing here:
http://www.worldofcoins.eu/forum/index.php/topic,3707.0.html

Christian

chrisild

Quote from: chrisild on January 11, 2009, 02:26:45 PM
Note that this is something the European Commission "recommends". Unlike an EU regulation (which is directly binding law) or an EU directive (which needs to be adapted to local law by each member state), such a recommendation is rather a guideline.

A few days ago the European Commission made a new proposal which, if adopted by the Council, would become a regulation:
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2011:0296:FIN:EN:PDF
(That is the English language version; use DE, FR, etc. instead of EN in order to view/download the German, French, etc. version.)

Seems that, if Article 1h should become effective, coins that have been produced so far, with the currently existing designs, may stay in circulation (see "a" - no news here). Also, coins that are minted in the future would have to be adapted within ten years (see "b" - that would be new). This would affect the Austrian coins for example (they repeat the value), the Dutch ones (position of the stars) or the German ones (country indicator). Let's see what the Council - which is basically the single member state governments - says to that.

Christian

Figleaf

Pretty good. No more Sede Vacante coins, no creation of spurious "new types" by moving a design element to a different place, no new designs every year. Nothing on mintmarks. I wonder how they will be treated in view of the "no design change" rule. No one thought of specifying the size of the stars on the national side. Let's hope the national mints don't notice the loophole. Also, nothing on creating artificial scarcity by putting at least one denomination in packaged sets only (or issuing only one denomination.)

The rule that €2 commems must be of major national or European significance is a dead letter without any procedure to decide or define "major", so we'll continue to see silly issues, I suppose. Still, this is typically the EU way of making progress: getting something on the tabe first and perfecting it later. This is a good step forward to serious coins, but we are not there yet.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

chrisild

Quote from: Figleaf on June 07, 2011, 05:56:25 PM
No one thought of specifying the size of the stars on the national side. Let's hope the national mints don't notice the loophole.

Hehe. We have had big stars and small stars before, even on coins with the same theme, year and mint. :) So to some extent we're flexible. But at least in theory there are such specifications. The proposed regulation does say "The 12 stars shall be depicted as on the European flag." And that means (sorry if I bore anybody to death here): "Each of the stars has five points which are situated on the circumference of an invisible circle whose radius is equal to one-eighteenth of the height of the hoist." http://europa.eu/abc/symbols/emblem/graphics1_en.htm#geo

Most of the Commission's proposal is not new anyway. The primary difference - provided that the member state governments, aka the Council of the European Union, all agree to this - would be that the December 2008 "recommendation" mentioned in the initial post becomes law. The only really new element, as far as I can tell, would be the obligation to modify the current designs within ten years. For the Netherlands, a great occasion would be when Willem becomes king. Again, provided the Council OKs all this ...

Christian

chrisild

The European Commission's proposal is still being discussed; a few days ago, the opinion of the ECB was published in the OJ - see link below. Nothing extraordinary or exciting in there as far as I can tell. :) In the following months the proposal will be discussed in the European Parliament (committee: late November, plenary session: early February). And then, the Council. So this will take some more time ...

OPINION OF THE EUROPEAN CENTRAL BANK of 23 August 2011
Official Journal of the European Union 16.9.2011
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2011:273:0002:0008:EN:PDF
(That is the English version; replace "EN" with "FR" to get the French version, with "DE" to get it in German, etc.)

Christian

Figleaf

Only four months! Lightning speed. A directive I was interested in took 10 years from proposal to acceptance.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

chrisild

Monaco has made a new monetary agreement with the European Union. So far I have only seen media articles about it, not the actual text of the agreement, but judging from those reports, hardly anything will change. The primary difference is that so far Monaco was allowed to issue 1/500 of the annual volume of France. Now the country has a fixed figure instead of a relative one: an annual issue volume of €2,340,000 plus a variable contingent of currently €80,000. Stay tuned.

Christian

chrisild

Quote from: chrisild on December 09, 2011, 07:32:55 PM
Stay tuned.

Merci de votre patience. :) The text of the new agreement has now been published by the Journal de Monaco (government bulletin), and you can read or download it ... except that for some the direct link won't work. So go here first --
http://www.gouv.mc/Dataweb/jourmon.nsf/9bf97b0da6308cfdc12568c40037f873/c46845a09bc91c65c12579670059d255!OpenDocument
-- and then download the PDF file (link "L'Accord monétaire entre la Principauté de Monaco et l'Union Européenne" at the bottom of that page). This part of the agreement is about what Monaco will release for circulation:

"Sans préjudice de l'émission de pièces de collection, la Principauté de Monaco met en circulation à la valeur nominale au moins 80 % des pièces en euros qu'elle émet chaque année. Le comité mixte examine tous les cinq ans l'adéquation de la proportion minimale de pièces de monnaie à introduire à la valeur nominale et peut décider de la modifier."

Emphasis by me. Sounds good, I think, but of course that will not mean that each issue can be had at face. I guess that, in order to comply with the new agreement, one or two denominations will be issued "normally" while the rest will be sold as before.

Christian

<k>

Translation for our non-Western viewers:

Without prejudice to the issue of collector coins, the Principality of Monaco puts into circulation at face value at least 80% of euro coins that it issues each year. The Joint Committee shall review every five years the adequacy of the minimum proportion of coins to be introduced at face value and may decide to change it.
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