PURPOSE: to introduce binding rules for the issuance of euro coins.
LEGISLATIVE ACT: Regulation (EU) No. 651/2012 of the European Parliament and of the Council on the issuance of euro coins.
CONTENT: following an agreement reached with the European Parliament in first reading, the Council adopted a Regulation that introduces binding rules for the issuance of euro coins for circulation, and for commemorative and collection purposes.
The Regulation stipulates:
- circulation coins, for the most part, shall be issued and put into circulation at face value;
- each Member State whose currency is the euro may only issue two commemorative 2-euro coins per year to commemorate special occasions;
- collector coins shall have the status of legal tender only in the issuing Member State . The identity of the issuing Member State shall be clearly and easily recognisable on the coin;
- the Commission shall conduct an impact assessment on the continued issuance of 1- and 2-cent coins;
- 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.
ENTRY INTO FORCE: 13/08/2012.