Euro banknotes

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The first series of Euro banknotes

The euro banknotes are the banknotes of the euro, the currency of the Eurozone. The first series has been in circulation since 2002. They are issued by the National Central Banks of the Eurosystem or the European Central Bank.[1] In 1999 the euro was born virtually and in 2002 notes and coins began to circulate. The euro rapidly took over from the former national currencies and slowly expanded around the EU.

Denominations of the notes range from €5 to €500 and, unlike euro coins, the design is identical across the whole of the Eurozone, although they are issued and printed in various member states. The euro banknotes are pure cotton fibre, which improves their durability as well as making the banknotes have a distinctive feel. They measure from 120 by 62 millimetres (4.7 in × 2.4 in) to 160 by 82 millimetres (6.3 in × 3.2 in) and have a variety of colour schemes. The euro notes contain many complex security features such as watermarks, invisible ink, holograms and microprinting that document their authenticity. While euro coins have a national side indicating the country of issue (although not necessarily of minting), euro notes lack this. Instead, this information is encoded within the first character of each note's serial number.

On 8 November 2012, the European Central Bank announced the first series of notes will be replaced, starting with the 5 euro note on 2 May 2013. Europa will feature in the new series.

According to European Central Bank estimates, in December 2012, there were approximately 15,687,189,000 banknotes in circulation around the Eurozone. That is approximately €912,593,020,200 worth of banknotes.

There are several communities of hobbyists, such as EuroBillTracker, which track the euro banknotes as they pass through their hands, to record their numbers and monitor their travel. EuroBillTracker had registered over 113.50 million notes as of 15 January 2013. That is over €2,175.50 million worth of banknotes.

Contents

History [edit]

The euro came into existence on 1 January 1999.[2] It had been a goal of the European Union (EU) and its predecessors since the 1960s.[2] The Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the UK and Denmark (even though Denmark has a fixed exchange rate policy with the euro).[3]

In 1999 the currency was born virtually[2] and in 2002 notes and coins began to circulate.[2] It rapidly took over from the former national currencies and slowly expanded behind the rest of the EU.[2] In 2009 the Lisbon Treaty formalised its political authority, the Euro Group, alongside the European Central Bank.

Specification [edit]

Banknotes printed from 2004 to 2012 show the signature of the second president of the ECB, Jean-Claude Trichet.

There are seven different denominations of the euro banknotes, €5, €10, €20, €50, €100, €200 and €500, each having a distinctive colour and size.[4] The design for each of them has a common theme of European architecture in various artistic eras.[4][5] The obverse of the banknote features windows or gateways while the reverse bears different types of bridges.[4][5] The architectural examples are stylised illustrations, not representations of existing monuments.[4][5]

All the notes bear the EU Flag,[4] the initials of the European Central Bank in five linguistic variants, which are, BCE (Banco Central Europeo;[6] Banque centrale européenne;[7] Banca centrale europea;[8] Banco Central Europeu;[9] Banca Centrală Europeană;[10] Banc Ceannais Eorpach[11]), ECB (Evropská centrální banka;[12] European Central Bank;[13] Europæiske Centralbank;[14] Europos Centrinis Bankas;[15] Eiropas Centrālā banka;[16] Europese Centrale Bank;[17] Európska centrálna banka;[18] Evropska centralna banka;[19] Europeiska centralbanken[20]), EZB (Europäische Zentralbank[21]), ΕΚΤ (Ευρωπαϊκή Κεντρική Τράπεζα[22]), EKP (Euroopa Keskpank;[23] Euroopan keskuspankki[24])[5]—thus covering 19 out of 23 official languages of the EU27),[4] a map of Europe on the reverse,[4] the name "euro" in both Latin and Greek script (EURO / ΕΥΡΩ)[4] and the signature of the first, second or third president of the ECB.[4][5] The 12 stars from the EU Flag are also incorporated into every note.[4][5]

The euro banknote designs were chosen from 44 proposals in a design competition, launched by The Council of the European Monetary Institute (EMI) on 12 February 1996.[25] The winning entry, created by Robert Kalina from the Oesterreichische Nationalbank, was selected on 3 December 1996.[25]

The euro banknotes are pure cotton fibre, which improves their durability as well as making the banknotes have a distinctive feel.[26]

2002 Series
Image Value Dimensions
(millimetres)
Main Colour Design Printer code position
Obverse Reverse Architecture Century
EUR 5 obverse (2002 issue).jpg EUR 5 reverse (2002 issue).jpg €5 120 × 62 Grey Classical < 5th Left image edge[27]
EUR 10 obverse (2002 issue).jpg EUR 10 reverse (2002 issue).jpg €10 127 × 67 Red Romanesque 11–12th 8 o'clock star[28]
EUR 20 obverse (2002 issue).jpg EUR 20 reverse (2002 issue).jpg €20 133 × 72 Blue Gothic 12–14th 9 o'clock star[29]
EUR 50 obverse (2002 issue).jpg EUR 50 reverse (2002 issue).jpg €50 140 × 77 Orange Renaissance 15–16th Right image edge[30]
EUR 100 obverse (2002 issue).jpg EUR 100 reverse (2002 issue).jpg €100 147 × 82 Green Baroque & Rococo 17–18th Right of 9 o'clock star[31]
EUR 200 obverse (2002 issue).jpg EUR 200 reverse (2002 issue).jpg €200 153 × 82 Yellow The age of iron and glass 19–20th Above 7 o'clock star[32]
EUR 500 obverse (2002 issue).jpg EUR 500 reverse (2002 issue).jpg €500 160 × 82 Purple Modern 20th century 20–21st 9 o'clock star[33]
These images are to scale at 0.7 pixels per millimetre.

The Azores, French Guiana, Guadeloupe, Madeira, Martinique, Réunion, and the Canary Islands, overseas territories of the eurozone member states are under the map in separate boxes, on the banknotes because they use the euro. Cyprus and Malta were not shown, even though they joined the Eurozone in 2008. Cyprus was not depicted on the banknotes because the map did not stretch that far east, and Malta because it was too small to be depicted, the minimum size for depiction being 400 km2.[5] However, both Cyprus and Malta are depicted in the 2013 series banknotes.

2013 Series (Europa Series)[34]
Image Value Dimensions
(millimetres)
Main Colour Design Printer code position
Obverse Reverse Architecture Century
EUR 5 obverse 2nd series.jpg EUR 5 reverse 2nd series.jpg €5 120 × 62 Grey Classical < 5th Top right
Unknown Unknown €10 127 × 67 Red Romanesque 11–12th Unknown
Unknown Unknown €20 133 × 72 Blue Gothic 12–14th Unknown
Unknown Unknown €50 140 × 77 Orange Renaissance 15–16th Unknown
Unknown Unknown €100 147 × 82 Green Baroque & Rococo 17–18th Unknown
Unknown Unknown €200 153 × 82 Yellow The age of iron and glass 19–20th Unknown
Unknown Unknown €500 160 × 82 Purple Modern 20th century 20–21st Unknown
These images are to scale at 0.7 pixels per millimetre.

The first notes have Wim Duisenberg's signature, who was the first president of the European Central Bank, and has since been replaced by Jean-Claude Trichet, the second president of the ECB in 2003. The banknotes printed after 2003 to 2012 use Jean-Claude Trichet's signature.[35] On 1 November 2011, Mario Draghi assumed the presidency of the European Central Bank.[36] Banknotes bearing his signature appeared in circulation in March 2012.

Design [edit]

20 and 50 Euro banknotes.
The 50 euro banknote has an orange colour scheme and its gateway and bridge are from the Renaissance.

Due to the great number of historic bridges, arches, and gateways throughout the European continent, all the structures represented on the notes are entirely stylised illustrations of the relevant architectural styles, merely designed to evoke the landmarks within the European Union,[4] representing various European ages and styles.[4] For example, the 5 euro note has a generic rendition of Classical architecture,[4] the 10 euro note of Romanesque architecture,[4] the 20 euro note of Gothic architecture,[4] the 50 euro note of the Renaissance,[4] the 100 euro note of Baroque and Rococo,[4] the 200 euro note of Art Nouveau[4] and the 500 euro note of Modern architecture.[4] While the designs are supposed to be devoid of any identifiable characteristics,[4] the initial designs by Robert Kalina were of actual bridges, including the Rialto Bridge in Venice and the Pont de Neuilly in Paris, and were subsequently rendered more generic; the final designs still bear very close similarities to their specific prototypes; thus they are not truly generic.[37]

Signature [edit]

Mario Draghi's signature on a 10 euro banknote.

The euro banknotes have to bear the signature of the president of the European Central Bank.[5] Banknotes printed after March 2012 bear the signature of the current ECB President, Mario Draghi.[5] Notes printed after November 2003 to March 2012 show Jean Claude Trichet's signature,[5] replacing that of the first president, Wim Duisenberg,[5] who was the president of the European Central Bank when the first euro banknotes and coins were issued.[5]

Europa series [edit]

The portrait of Europa is also featured in the security features, but the theme of the banknotes is still the same.
5 euro note from the new Europa series written in Latin (EURO) and Greek (EYPΩ) alphabets, but also in the Cyrillic (EBPO) alphabet, as a result of Bulgaria joining the European Union in 2007.

The ECB intends to redesign the notes every seven or eight years[34] and a new series, called "the Europa series", is being released gradually, note by note from January 2013,[34] with the first notes entering circulation in May 2013.[34] The new series include slight changes, notably the inclusion of the face of the mythological princess Europa in the watermark and in the hologram stripe.[38] New production and anti-counterfeiting techniques will be employed on the new notes, but the design will be of the same theme and colours as the current series, which are bridges and arches.[34] The new notes will nonetheless be recognisable as a new series.[39]

The new notes will also reflect the expansion of the European Union; the current issues do not include the recent members Cyprus and Malta (Cyprus is off the map to the east and Malta was too small to be depicted.[5]).

It will be the first time when the Bulgarian Cyrillic alphabet is to feature on the banknotes as a result of Bulgaria joining the European Union in 2007. Therefore, the new series of Euro banknotes will include "EBPO", which is the Bulgarian spelling for EURO as well as the abbreviation "ЕЦБ" (short for Европейска централна банка in Bulgarian.)[40] The new banknotes will also feature the Maltese abbreviation EĊB (Bank Ċentrali Ewropew).

The full design of the Europa series 5 euro banknote was revealed on 10 January 2013.[41] The new note will come into circulation in May 2013. The old series will gradually be withdrawn. The ECB will announce in due course when the old notes will lose their legal tender status. However, they will not lose their value and it will be possible to exchange them for new notes at Eurosystem central banks indefinitely.[34]

The modified 5 euro note features the initials of the European Central Bank in each of the contemporary EU member languages in a column on the left-hand side of the obverse.[40] The word "euro" in Latin, Greek, and Cyrillic lettering has also been moved to a more central position.[40]

Security features [edit]

Microprinting on a 100 euro note.

The European Central Bank described some of the basic security features of the euro notes, allowing the general public to recognise the authenticity of their currency at a glance.[42] However, in the interest of advanced security of the euro notes, the full list of these features is a closely guarded secret of the European Central Bank and the National Central Banks of the Eurosystem.

Still, between the official descriptions and independent discoveries made by observant users, it is thought that the euro notes have at least thirty different security features. These include:

€5 holographic band
  • Holograms[42] – The lower value notes carry a holographic band to the right of the obverse. This band contains the denomination, the euro sign, the stars of the EU flag and perforations in the shape of the euro sign. The higher value notes, there is a holographic decal containing the denomination, the obverse illustration, microprinting and perforations in the shape of the euro sign.
  • Variable colour ink[42] – It appears on the lower right-hand side corner of the reverse of the higher value notes. When observed from different angles, the colour will change from purple to olive green or brown.
  • Checksum – Each note has a unique serial number. The remainder from dividing the serial number by 9 gives checksum corresponding to the initial letter indicated on the note.[43] Using a variation of the divisibility rule shortcut, the remainder from division by 9 can easily be found by adding the constituent digits and, if the sum still does not make the remainder obvious, adding the digits of the sum.[43] Alternatively, substituting the letter with its ASCII value makes the resulting number exactly divisible by 9. Taking the same example, Z10708476264: the ASCII code for Z is 90, so the resulting number is 9010708476264. Dividing by 9 yields a remainder of 0. Using the divisibility rule again, the result can be checked speedily since the addition of all digits gives 54; 5 + 4 = 9—so the number is divisible by 9, or 9010708476264 modulo 9 is 0.[43]
A 50 euro note under ultraviolet light.
  • EURion constellation[42] – Euro banknotes contain a pattern known as the EURion constellation which can be used to detect their identity as banknotes to prevent copying and counterfeiting. Some photocopiers are programmed to reject images containing this pattern.
  • Watermarks[42] – There are possibly three watermarks on the euro notes. They are:
    • Standard watermark – Each denomination is printed on uniquely watermarked paper. This may be observed by holding the note up to the light.
    • Digital watermark – Like the EURion constellation, a Digimarc digital watermark is embedded in the banknotes' designs. Recent versions of image editors, such as Adobe Photoshop or Paint Shop Pro refuse to process banknotes.[44] This system is called Counterfeit Deterrence System (CDS) and was developed by the Central Bank Counterfeit Deterrence Group.
    • Infrared and ultraviolet watermarks[42] – When seen in the near infrared, the banknotes will show darker areas in different zones depending on the denomination. Ultraviolet light will make the EURion constellation show in sharper contrast, and also some fluorescent threads stand out.
A 5 euro note under infrared light.
  • Security thread[42] – A black magnetic thread in the centre of the note is only seen against the light. It features the denomination of the note, along with the word "euro" in the Latin alphabet and the Greek alphabet.
  • Magnetic ink[42] – Some areas of the euro notes feature magnetic ink. For example, the rightmost church window on the €20 note is magnetic, as well as the large zero above it.
Magnetic serial number on Euro banknote (recorded using CMOS-MagView)
  • Microprinting[42] – The texture lines to the bottom, like those aligned to the right of ΕΥΡΩ mark on the €5 note, consist of the sequence "EURO ΕΥΡΩ" in microprinting.
  • Matted surface[42] – The euro sign and the denomination are printed on a vertical band which is only visible when lighted at an angle of 45°. This only exists for the lower value notes.
  • Bar code[42] – When held up to the light, metallic bars can be seen to the right of the watermark. The number and width of these bars indicates the value of the note. When scanned, these bars are converted to Manchester code.
Manchester code
Note Barcode Manchester
€5 0110 10 100
€10 0101 10 110
€20 1010 1010 0000
€50 0110 1010 1000
€100 0101 1010 1100
€200 0101 0110 1110
€500 0101 0101 1111

[dubious ]

(looked at from the reverse, a dark bar is 1, a bright bar 0)

Features for people with impaired sight [edit]

The design of euro banknotes include several characteristics suggested in co-operation with organisations representing blind people.[45] These characteristics aid both people who are visually impaired (people who can see the banknotes, but cannot necessarily read the printing on them) and those who are entirely blind.[45]

Euro banknotes increase in size with increasing denominations, which helps both the visually impaired and the blind.[45] The predominant colouring of the notes contrasts against the adjacent denominations, making it still harder to confuse two similar denominations for those who can see the colour.[45] The printing of the denominations is intaglio printing, which allows the ink to be felt by sensitive fingers, allowing some people to distinguish the printed denominations by touch alone.[45] The lower denominations have smooth bands along one side of the note containing holograms; higher denominations have smooth, square patches with holograms. Finally, the €200 and €500 notes have distinctive tactile patterns along the edges of the notes:[4][45] the €200 note has vertical lines running from the bottom centre to the right-hand corner,[4] and the €500 note has diagonal lines running down the right-hand edge.[4]

Like with the designing of the first series of banknotes, visually impaired users were consulted during the design phase of the Europa series, and their requirements were included in the final designs.[34]

Circulation [edit]

The European Central Bank is closely monitoring the circulation and stock of the euro coins and banknotes. It is a task of the Eurosystem to ensure an efficient and smooth supply of euro notes and to maintain their integrity throughout the eurozone.[46]

Statistics [edit]

Every month, the European Central Bank publishes the amount of banknotes in circulation around the Eurozone.

As of December 2012, there were approximately 15,687,189,000 banknotes in circulation around the Eurozone.[46] That is approximately €912,593,020,200 worth of banknotes.[46] As of December 2012, there were:

Counterfeiting [edit]

There has been a rapid growth in the counterfeiting of euro banknotes since the launch of the currency in 2002.[47]

In 2003, 551,287 counterfeit euro notes were removed from circulation. In 2004, French police seized fake €10 and €20 notes with a total face value of around €1.8 million from two laboratories and estimated that 145,000 notes had already entered circulation. Each year between 2003 and 2007 between 500,000 and 600,000 counterfeit notes were removed from circulation, although this is a very small portion of the 12 billion notes in circulation.[48]

The European Central Bank, in July 2008, said that the amount of fake euro banknotes was on the rise, with the amount seized jumping more than 15% in the first six months of 2008. The ECB said most were bogus €50 and €20 notes, although high quality €200 and €500 notes are also being made.[49]

Issuance and printing [edit]

The ECB has the exclusive right to authorise the issue of notes within the Eurozone, but most notes are actually issued by the National Central Banks (NCBs) of the Eurozone.[1] As of 2004, 8% of banknotes were issued by the European Central Bank and 92% were issued by Eurozone NCBs.[1] The issuing central bank can be seen from the serial number. Each NCB is now responsible for the production of certain denominations, as assigned by the ECB.[1]

Printing works [edit]

The printing code on a 10 euro note.

There is a six-character printing code on every banknote which states the printer of the banknote. These printing codes have an initial letter, followed by three digits, then by a single letter, and ending in a digit, for example, "R001A1".[50]

The initial letter identifies the printing facility.[50] (the facilities are described below) "R" for example would be Bundesdruckerei, a printer in Berlin, Germany.[50] The three digits state sequential printing plates. "001", for example, would be the first printing plate created by the printer.[50] The fifth character, a letter and sixth character, a number, represent the row and column, respectively, of the particular banknote on the particular plate. So "A" would be the first row and "1" would indicate the first column.[50][51]

Banknotes are printed in sheets. Different printers use different sheet sizes and sheets of higher denominations, which are larger in size, would have fewer notes printed per sheet. For example, two German printers print €5 banknotes in sheets of 60 (10 rows, designated "A" to "J" and six columns), the sheets of €10 notes have 54 banknotes (nine rows, six columns), and €20 banknotes are printed in sheets of 45 banknotes (nine rows, five columns).[52][better source needed]

The printer code does not need to be the same as the country code, i.e. notes issued by a particular country may have been printed in another country.[50] The printers used to print euro banknotes include commercial printers as well as national printers, some of which have been privatised, some previously produced national notes before the adoption of the euro.[50] There is one former or current national printer in each of the countries which issue euro notes, with the exception of Germany, where the former East German and West German printers now produce euro notes.[50] There are also two printers identified in France, F. C. Oberthur, a private printer, and the Bank of France printing works,[50] and also two in the United Kingdom: Thomas De La Rue, a major private printer, and the Bank of England printing house, which currently does not produce euro banknotes.[50]

Printer identification codes[50]
Code Printer Location Country NCB(s) produced for
(A)
(Bank of England Printing Works) (Loughton) (United Kingdom)
(B)
Not Used
(C)
(Tumba Bruk) (Tumba) (Sweden)
D
Setec Oy Vantaa Finland L (Finland)
E
F. C. Oberthur Chantepie France E (Slovakia), F (Malta), G (Cyprus), H (Slovenia), L (Finland), P (Netherlands), U (France), X (Germany)
F
Österreichische Banknoten und Sicherheitsdruck Vienna Austria N (Austria), P (Netherlands), S (Italy), T (Ireland), Y (Greece)
G
Koninklijke Joh. Enschedé Haarlem Netherlands E (Slovakia), F (Malta), G (Cyprus), H (Slovenia), L (Finland), N (Austria), P (Netherlands), V (Spain), X (Germany), Y (Greece)
H
De La Rue Gateshead United Kingdom L (Finland), M (Portugal), P (Netherlands), T (Ireland)
(I)
Not Used
J
Banca d'Italia Rome Italy S (Italy)
K
Banc Ceannais na hÉireann / Central Bank of Ireland Dublin Ireland T (Ireland)
L
Banque de France Chamalières France U (France)
M
Fábrica Nacional de Moneda y Timbre Madrid Spain V (Spain)
N
Bank of Greece Athens Greece Y (Greece)
(O)
Not Used
P
Giesecke & Devrient Munich & Leipzig Germany L (Finland), M (Portugal), P (Netherlands), U (France), V (Spain), X (Germany), Y (Greece)
(Q)
Not Used
R
Bundesdruckerei Berlin Germany P (Netherlands), X (Germany), Y (Greece)
(S)
(Danmarks Nationalbank) (Copenhagen) (Denmark)
T
National Bank of Belgium Brussels Belgium U (France), V (Spain), Z (Belgium)
U
Valora—Banco de Portugal Carregado Portugal M (Portugal)
  • The A, C and S codes have been reserved for the British, Swedish and Danish printers currently not printing euro banknotes.[50]
  • Where a printer is listed as producing banknotes for a particular country, this may apply to a single denomination, or as many as all seven denominations.[50] Some NCBs source different denominations from different printers,[50] and some source even a single denomination from multiple printers.[50] NCBs that issue banknotes are free to source from any authorized printers, and do so in varying quantities.[50]

Serial number [edit]

Unlike euro coins, euro notes do not have a national side indicating which country issued them, which is not necessarily where they were printed. This information is encoded within the first character of each note's serial number instead.[4]

The first character of the serial number is a letter which uniquely identifies the country that issues the note.[4] The remaining 11 characters are numbers which, when their digital root is calculated, give a checksum also particular to that country. Because of the arithmetic of the checksum, consecutively issued banknotes are not numbered sequentially, but rather, 'consecutive' banknotes are 9 apart.

The W, K and J codes have been reserved for the three EU member states that did not adopt the euro in 1999, while the R prefix is reserved for Luxembourg, which, at present, does not issue euro banknotes.[4]

National identification codes[43]
Code Country Checksum(1)
in English in official language(s)
Z Belgium België/Belgique/Belgien 9
Y Greece Ελλάδα [Ellada] 1
X Germany Deutschland 2
(W)(2) (Denmark) Danmark (3)
V Spain España 4
U France France 5
T Republic of Ireland Éire/Ireland 6
S Italy Italia 7
(R) (Luxembourg) Luxembourg/Luxemburg/Lëtzebuerg (8)
(Q) Not used
P Netherlands Nederland 1
(O) Not used
N Austria Österreich 3
M Portugal Portugal 4
L Finland Suomi/Finland 5
(K)(2) (Sweden) Sverige (6)
(J)(2) (United Kingdom) United Kingdom (7)
(I) Not used
H Slovenia Slovenija 9
G Cyprus Κύπρος [Kypros]/Kıbrıs 1
F Malta Malta 2
E Slovakia Slovensko 3
D Estonia Eesti 4
C
B
A


(1) checksum of the 11 digits without the letter
(2) Denmark, the United Kingdom and Sweden presently do not use the Euro, but still have these serial number prefixes reserved.[4]

The letters were originally assigned in reverse order to the then 15 EU member states in alphabetical order, when written in their national languages.

  • In the case of Finland, which has two official languages that are also official EU languages (Finnish and Swedish), the order was based on the Finnish Suomi instead of the Swedish Finland, presumably because Finnish is the majority language in the country.
  • Similarly, Republic of Ireland is alphabetised according to its English, not Irish, name.
  • Denmark and Greece have seemingly exhanged letters, presumably so that Greece can use Y, which resembles the Greek letter upsilon, rather than W which resembles no Greek letter.
  • Belgium has three official languages, all of which are official EU languages. Luxembourg also has three official languages, with two being official EU languages. However, in these cases, the countries' positions in the list would be the same no matter which language was used.

The notes of Luxembourg currently use the prefix belonging to the country where they were printed.[4]

Although the Slovenian letter had been reserved since the eurozone enlargement in January 2007, the country initially used previously issued banknotes issued from other member states. The first banknotes bearing the "H" letter, produced in France specifically on behalf of Slovenia, were witnessed no sooner than April 2008.[53] The 'Cypriot banknotes' (G) appeared in circulation in November 2009, whereas, those from Malta (F) appeared 3 months later (February 2010).[54] Slovakian notes (E) first appeared in October 2010.

Tracking [edit]

There are several communities of people at European level, most of which is EuroBillTracker,[55] that, as a hobby, it keeps track of the euro banknotes that pass through their hands, to keep track and know where they travel or have traveled.[55] The aim is to record as many notes as possible in order to know details about its spread, like from where and to where they travel in general, follow it up, like where a ticket has been seen in particular, and generate statistics and rankings, for example, in which countries there are more tickets.[55] EuroBillTracker has registered over 118 million notes as of May 2013,[56] worth more than €2.251 billion.[56]

€1 and €2 notes [edit]

Italy, Greece, Austria and Slovenia have asked several times to introduce lower denominations of euro notes.[57] The ECB has stated that "printing a €1 note is more expensive (and less durable) than minting a €1 coin". On 18 November 2004 the ECB decided definitively that there was insufficient demand across the Eurozone for very-low-denomination banknotes. On 25 October 2005, however, more than half of the MEPs supported a motion calling on the European Commission and the European Central Bank to recognise the definite need for the introduction of €1 and €2 banknotes.[58] However the European Central Bank is not directly answerable to the Parliament or the Commission, and has ignored the motion.

See also [edit]

References [edit]

  1. ^ a b c d Hanspeter K. Scheller (2004). The European Central Bank – History, Role and Functions. European Central Bank. pp. 103ff. ISBN 92-9181-506-3. "The ECB issues 8% of the total value of banknotes issued by the Eurosystem ... The other 92% of the euro banknotes are issued by the NCBs in proportion to their respective shares in the capital key of the ECB." 
  2. ^ a b c d e "ECB: Introduction". ECB. ECB. 
  3. ^ "FT.com – The history of the euro". Financial Times. Financial Times. 21 May 2002. Retrieved 13 February 2013. 
  4. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab "ECB: Banknotes". European Central Bank. ecb.int. 1 January 2002. Retrieved 1 November 2011. 
  5. ^ a b c d e f g h i j k l m European Central Bank. "The Euro: Banknotes: Design elements". Retrieved 2009-07-05. "The banknotes show a geographical representation of Europe. It excludes islands of less than 400 square kilometres because high-volume offset printing does not permit the accurate reproduction of small design elements." 
  6. ^ "BCE: El Banco Central Europeo". BCE (ECB). BCE (ECB). 2001. Retrieved 12 February 2013. 
  7. ^ "BCE: La Banque centrale européenne". BCE (ECB). BCE (ECB). 2001. Retrieved 12 February 2013. 
  8. ^ "BCE: La Banca centrale europea". BCE (ECB). BCE (ECB). 2001. Retrieved 12 February 2013. 
  9. ^ "BCE: O Banco Central Europeu". BCE (ECB). BCE (ECB). 2001. Retrieved 12 February 2013. 
  10. ^ "BCE: Banca Centrală Europeană". BCE (ECB). BCE (ECB). 2007. Retrieved 12 February 2013. 
  11. ^ "BCE: An Banc Ceannais Eorpach". BCE (ECB). BCE (ECB). 2007. Retrieved 12 February 2013. 
  12. ^ "ECB: Evropská centrální banka". ECB. ECB. 2004. Retrieved 12 February 2013. 
  13. ^ "ECB: The European Central Bank". ECB. ECB. 2001. Retrieved 12 February 2013. 
  14. ^ "ECB: Den Europæiske Centralbank". ECB. ECB. 2001. Retrieved 12 February 2013. 
  15. ^ "ECB: Europos Centrinis Bankas". ECB. ECB. 2004. Retrieved 12 February 2013. 
  16. ^ "ECB: Eiropas Centrālā banka". ECB. ECB. 2004. Retrieved 12 February 2013. 
  17. ^ "ECB: De Europese Centrale Bank". ECB. ECB. 2001. Retrieved 12 February 2013. 
  18. ^ "ECB: Európska centrálna banka". ECB. ECB. 2004. Retrieved 12 February 2013. 
  19. ^ "ECB: Evropska centralna banka". ECB. ECB. 2004. Retrieved 12 February 2013. 
  20. ^ "ECB: Europeiska centralbanken". ECB. ECB. 2001. Retrieved 12 February 2013. 
  21. ^ "EZB: Die Europäische Zentralbank". EZB (ECB). EZB (ECB). 2001. Retrieved 12 February 2013. 
  22. ^ "EKT: H Ευρωπαϊκή Κεντρική Τράπεζα". EKT (ECB). EKT (ECB). 2001. Retrieved 12 February 2013. 
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