Date: 2021-11-10Category: Not ApplicableState: Union GovernmentCountry: Europe
Decision (EU) 2021/1944 of the European Central Bank of 2 November 2021 amending Decision (EU) 2020/1997 on the approval of the volume of coin issuance in 2021 (ECB/2021/48)
Executive Summary:
This decision amends Decision EU 2020/1997, adjusting the approved volume of euro coin issuance for Latvia, the Netherlands, and Slovakia in 2021. The adjustments respond to unexpected increases in coin demand due to factors like the relaxation of COVID-19 restrictions. The decision took effect upon notification to the addressees on November 2, 2021.
Key Points / Main Content:
* **Amendments to Coin Issuance Volumes:**
* Latvia's approved coin issuance volume increases from EUR 5.7 million to EUR 10.8 million.
* The Netherlands' approved coin issuance volume increases from EUR 0.1 million to EUR 50.1 million.
* Slovakia's approved coin issuance volume increases from EUR 16 million to EUR 18 million.
* **Justification for Amendments:**
* The Netherlands requested an increase due to a rise in demand following the relaxation of COVID-19 lockdown measures and a seasonal effect.
* Latvia requested an increase due to the impact of COVID-19 on coin circulation.
* Slovakia requested an increase due to higher net issuance compared to previous years and anticipated pre-Christmas demand.
* **Legal Basis and Derogation:**
* The decision is based on Article 128(2) of the Treaty on the Functioning of the European Union.
* In the interests of efficiency, the decision derogates from Article 3(7) of Decision EU 2015/2332 for the specific ad hoc approval requests for Latvia and Slovakia.
* **Effective Date and Addressees:**
* The decision took effect on the day of its notification to the addressees.
* The decision is addressed to the Member States whose currency is the euro.
Impact Analysis:
* **Latvia, Netherlands and Slovakia:**
* *Impact:* The central banks of Latvia, the Netherlands, and Slovakia are authorized to issue a higher volume of euro coins in 2021 than initially approved.
* *Action Required:* Adjust coin production and distribution plans to align with the revised issuance volumes.
* **European Central Bank (ECB):**
* *Impact:* The ECB is responsible for overseeing the adjusted coin issuance volumes and ensuring compliance with the decision.
* *Action Required:* Monitor the coin issuance by Latvia, the Netherlands, and Slovakia, and update relevant records and reports.
* **Euro Area Member States:**
* *Impact:* Euro area member states are subject to the decision, which affects the overall circulation of euro coins within the Eurozone.
* *Action Required:* No direct action is required, but member states should be aware of the increased coin issuance volumes in Latvia, the Netherlands, and Slovakia.
Key Entities Referenced
European Central Bank: The central bank of the European Union countries which have adopted the euro.
Treaty on the Functioning of the European Union: A primary law of the European Union.
Decision EU 2020/1997: A decision of the European Central Bank on the approval of the volume of coin issuance in 2021.
Decision EU 2015/2332: A decision of the European Central Bank on the procedural framework for the approval of the volume of euro coin issuance.
De Nederlandsche Bank: The central bank of the Netherlands.
Ministry of Finance of the Netherlands: The ministry of the Netherlands responsible for finance.
Latvijas Banka: The central bank of Latvia.
Národná banka Slovenska: The central bank of Slovakia.
L 397/26 EN Official Journal of the European Union 10.11.2021
DECISION (EU) 2021/1944 OF THE EUROPEAN CENTRAL BANK
of 2 November 2021
amending Decision (EU) 2020/1997 on the approval of the volume of coin issuance in 2021
(ECB/2021/48)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 128(2) thereof,
Whereas:
(1) The European Central Bank (ECB) has the exclusive right since 1 January 1999to approve the volume of coins issued
by the Member States whose currency is the euro.
(2) Based on the estimates of demand for euro coins in 2021 that the Member States whose currency is the euro
submitted to the ECB, the ECB approved the total volume of euro coins intended for circulation and euro collector
coins not intended for circulation in 2021 in Decision (EU) 2020/1997 of the European Central Bank
(ECB/2020/57)(1).
(3) Pursuant to Article 3 of Decision (EU) 2015/2332 of the European Central Bank (ECB/2015/43)(2) a euro area
Member State must notify the ECB if the actual demand for euro coins is likely to exceed the approved volume of
coin issuance in a calendar year and must request ad hoc approval for an additional volume of coin issuance in that
calendar year if the increased coin demand continues.
(4) On 1 September 2021, De Nederlandsche Bank, also on behalf of the Ministry of Finance of the Netherlands,
requested that the volume of euro coins that the Netherlands may issue in 2021 be increased by an additional
volume of EUR 50 million from EUR 0,1 million to EUR 50,1 million to enable it to respond to an unexpected rise
in the demand for coins as a result of a relaxation of the COVID-19 lockdown measures, the reopening of shops
and a seasonal effect.
(5) On 8 September 2021, Latvijas Banka requested that the volume of euro coins that Latvia may issue in 2021 be
increased by an additional volume of EUR 5,1 million from EUR 5,7 million to EUR 10,8 million to enable it to
respond to an unexpected rise in the demand for coins as a result of the impact of COVID-19 on coin circulation in
Latvia.
(6) On 4 October 2021, Národná banka Slovenska requested that the volume of euro coins that Slovakia may issue
in 2021 be increased by an additional volume of EUR 2 million from EUR 16 million to EUR 18 million in
response to a higher net issuance of euro coins compared to 2020 and 2019 as a result of the impact of COVID-19
and a higher demand predicted for the pre-Christmas period in 2021.
(7) In the interests of efficiency and in derogation from Article 3(7) of Decision (EU) 2015/2332 (ECB/2015/43) as
regards the specific ad hoc approval requests for Latvia and Slovakia, it is appropriate that the Governing Council
implement these modifications by amending Decision (EU) 2020/1997 (ECB/2020/57).
(8) Therefore, Decision (EU) 2020/1997 (ECB/2020/57) should be amended accordingly,
(1) Decision (EU) 2020/1997 of the European Central Bank of 24 November 2020 on the approval of the volume of coin issuance
in 2021 (ECB/2020/57) (OJ L 410, 7.12.2020, p. 104).
(2) Decision (EU) 2015/2332 of the European Central Bank of 4 December 2015 on the procedural framework for the approval of the
volume of euro coin issuance (ECB/2015/43) (OJ L 328, 12.12.2015, p. 123).10.11.2021 EN Official Journal of the European Union L 397/27
HAS ADOPTED THIS DECISION:
Article 1
Amendments
The table in Article 2 of Decision (EU) 2020/1997 (ECB/2020/57) is amended as follows:
(1) the row regarding Latvia is replaced by the following:
‘Latvia 10,6 0,2 10,8’;
(2) the row regarding Netherlands is replaced by the following:
‘Netherlands 50,0 0,1 50,1’;
(3) the row regarding Slovakia is replaced by the following:
‘Slovakia 16,0 2,0 18,0’.
Article 2
Taking effect
This Decision shall take effect on the day of its notification to the addressees.
Article 3
Addressees
This Decision is addressed to the Member States whose currency is the euro.
Done at Frankfurt am Main, 2 November 2021.
The President of the ECB
Christine LAGARDE