John Bruton
Question:124 Mr. J. Bruton asked the Minister for Finance his views on the proposals by the European retail round table that euro coins and notes be brought into circulation in advance of the 1 January 2002 deadline. [22498/99]
Written Answers. - Euro Changeover.
I take it that the Deputy is referring to an article in the Financial Times of 2 November about a report commissioned by the European Retail Round Table and EuroCommerce. It seems clear that the report is not in fact proposing that euro notes and coins be put into circulation in advance of 1 January 2002, but rather that they be made available to the public before that date.
Under Article 105a of the treaty on European Union, the European Central Bank has the exclusive right to authorise the issue of euro notes. As regards euro coins, on 8 November ECOFIN, the Council of Economics and Finance Ministers, issued a statement indicating among other things that making limited quantities of coins available to the public before 1 January 2002 can be envisaged, but not before the second half of December 2001. Clearly, however, the focus must be on putting in place the arrangements necessary to make the changeover commencing from 1 January 2002 work satisfactorily. In this context, the ECOFIN statement pointed out that, to provide for a sufficient quantity of euro coins for circulation in the first days of January 2002, it would be helpful if financial institutions and certain other groups, notably cash in transit companies and retailers, were already provided with notes and coins some time before 1 January 2002, but recalled that such frontloading must not lead to putting euro banknotes and coins into circulation before 1 January 2002.