PRESS RELEASE

Legal protection of euro banknotes

8 July 1998

At its meeting on 7 July 1998 the Governing Council of the European Central Bank approved a Recommendation to the European Institutions and to the Member States requesting the adoption of several measures aimed at enhancing the protection of the new euro banknotes - both before these are issued (by way, for instance, of ensuring that there is no uncontrolled situation of the issue of "fancy" banknotes in euro) and once the euro banknotes have been issued (for example, to harmonise the fight against the counterfeiting of the new banknotes).

Moreover, it approved a Decision establishing the specifications of the euro banknotes, following the results of the design competition organised by the European Monetary Institute. Rules on the authorised reproduction of the euro banknote designs have likewise been established, together with the regime for the exchange of damaged banknotes and for the eventual withdrawal of euro banknotes.

The above-mentioned Recommendation and Decision will be published, in due course, in the Official Journal of the European Communities.

Finally, the Governing Council adopted a Guideline establishing the regime to be applied by the national central banks for the protection of the euro banknotes.

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