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    • The European Parliament adopted by 612 votes to 28 with 16 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on the issuance of euro coins. Parliament adopted its position in first reading following the ordinary legislative procedure. The amendments adopted in plenary are the result of a compromise between Parliament and Council. They amend the Commission proposal as follows:

      Collector coins: collector coins shall have the status of legal tender only in the issuing Member State and are not issued with a view to their entry into circulation. If their images are similar to any national side of circulation coins, their overall appearance can still be easily differentiated.

      Member States shall take all appropriate measures to discourage the use of collector coins as a means of payment.

      Types of euro coin: the Commission shall conduct an impact assessment on the continued issuance of 1 and 2 cent coins. That impact assessment shall include a cost-benefit analysis which takes into account the real production costs of those coins set against their value and benefits.

      Issuance of circulation coins: the amended text states that circulation coins shall be issued and put into circulation at face value. A minor proportion, not exceeding 5 % of the cumulated total net value and volume of circulation coins issued by a Member State, taking into account only years with positive net issuance, may be put on the market above face value if justified by the special quality of the coin, a special packaging or any additional services provided.

      Issuance of commemorative coins: each Member State whose currency is the euro may only issue two commemorative coins per year, save where, for example commemorative coins are collectively issued by all Member States whose currency is the euro.

      The total number of commemorative coins put into circulation for each individual issue shall not exceed the higher of the following two ceilings:

      ·        1% of the cumulated total net number of 2-euro coins put into circulation by all Member States whose currency is the euro 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 cumulated total net number of EUR 2 coins of all Member States whose currency is the euro if a widely recognised and highly symbolic subject is commemorated, in which case the issuing Member State shall refrain from launching another commemorative coin issue using the raised ceiling during the subsequent four years and shall set out the reasons for choosing the raised ceiling; or

      ·        5.0 % of the cumulated total net number of EUR 2 coins put into circulation by the Member State concerned up to the beginning of the year preceding the year of issuance of the commemorative coin.

      The decision whether to issue commemorative coins with a common design collectively issued by all Member States whose currency is the euro shall be taken by the Council. The voting rights of the Member States whose currency is not the euro shall be suspended for the adoption of that decision.

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    • The Committee on Economic and Monetary Affairs adopted the report by Hans-Peter MARTIN (NI, AT) on the proposal for a regulation of the European Parliament and of the Council on the issuance of euro coins. The committee recommends that the position of the European Parliament in first reading following the ordinary legislative procedure should be to amend the Commission proposal, as follows:

      Definition: Members consider that the current definition of euro circulation coins should be clarified and a separate definition for regular euro circulation coins should be added to avoid any ambiguity in relation to this terminology. "Euro circulation coins" is defined as regular euro circulation coins and commemorative euro circulation coins, intended for circulation, whose denominations and technical specifications are laid down in Council Regulation (EC) No 975/98.

      A definition of “regular euro circulation coins” is inserted, meaning euro coins intended for circulation excluding commemorative euro circulation coins. The definition of "Euro collector coins" is deleted, since the amended definition of ‘euro circulation coins’ explicitly comprises the commemorative euro coins intended for circulation.

      Impact assessments: the committee states the Commission shall conduct impact assessments on:

      ·        the continued issuance of 1 and 2 cent coins. That impact assessment shall include a cost-benefit analysis which takes into account the real production costs of 1 and 2 cent coins set against their value and benefits;

      ·        on the possible issuance of EUR 1 and EUR banknotes. Following this impact, the Commission shall draft a report setting out the advantages and disadvantages of issuing EUR 1 and EUR 2 banknotes.

      Issuance of commemorative euro circulation coins: each participating Member State may only issue one commemorative euro circulation coin every six months, (rather than every year.)

      Issuance of euro collector coins: Members state that Euro collector coins may be sold at or above face value, which reflects the agreement of Member States reached at the Ecofin Council meeting on 5 November 2002, allowing the sale of euro collector coins above face value.

      Consultation prior to the destruction of euro circulation coins: the report specifies that Member State shall indicate which type of coin (euro circulation coin, euro collector coin or euro commemorative coin) is to be destroyed as this will directly affect the ceilings established in the provisions on issuance of commemorative euro circulation coins.

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      • PURPOSE: to introduce binding rules for the issuance of euro coins.

        PROPOSED ACT: Regulation of the European Parliament and of the Council.

        BACKGROUND: the Council conclusions of 23 November 1998 and of 5 November 2002 on euro coins intended for collection, the Commission Recommendation 2009/23/EC on common guidelines for the national sides and the issuance of euro coins intended for circulation, and the Commission Recommendation 2010/191/EU on the scope and effects of legal tender of euro banknotes and coins, 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.

        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.

        IMPACT ASSESSMENT: no impact assessment was carried out.

        LEGAL BASIS: Article 133 of the Treaty on the Functioning of the European Union (TFEU).

        CONTENT: this proposed 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.

        The main elements of the proposal are as follows:

        • 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. The proposal establishes 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.
        • 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.
        • 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.
        • 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.
        • 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.

        BUDGETARY IMPLICATIONS: the proposal has no implication for the Union budget.

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