Date: 2023-09-27Category: Not ApplicableState: Union GovernmentCountry: Europe
Decision (EU) 2023/2068 of the European Central Bank of 12 September 2023 amending Decision (EU) 2022/2278 on the approval of the volume of coin issuance in 2023 (ECB/2022/40) (ECB/2023/23)
Executive Summary:
This decision, made by the ECB on September 12, 2023, amends Decision EU 2022/2278 regarding the approved volume of coin issuance in 2023. It addresses a request from Austria to increase its volume of euro circulation coins due to stronger coin demand. The decision adjusts the approved coin issuance volume for Austria and the total volume for all Eurozone members.
Key Points / Main Content:
* **Amendment to Coin Issuance Volumes:**
* Article 2 of Decision EU 2022/2278 is amended to reflect an increase in Austria's approved volume of euro circulation coins for 2023.
* Austria's circulation coin volume increases from EUR 81.00 million to EUR 116.00 million, resulting in a total Austrian issuance of EUR 291.51 million (EUR 116.00 million circulation coins and EUR 175.51 million collector coins).
* The total approved coin issuance volume for all Eurozone members is adjusted to EUR 2,632.12 million.
* **Justification for Amendment:**
* The increase in Austria's coin issuance is in response to stronger euro coin demand in cash-intensive sectors, high-value coin demand, ad hoc demand from wholesale banks, and increased cross-border demand.
* **Legal Basis:**
* The decision is based on Article 128(2) of the Treaty on the Functioning of the European Union and Article 37 of Decision EU 2015/2332.
* **Effective Date and Addressees:**
* The decision takes effect on the day of its notification to the addressees.
* The addressees of this decision are the Member States whose currency is the euro.
Impact Analysis:
* **Austria:**
* *Impact:* Austria is permitted to issue a larger volume of euro circulation coins in 2023 than initially approved.
* *Action Required:* Implement the adjusted coin issuance volume.
* **Member States whose currency is the euro:**
* *Impact:* These member states are subject to the updated total coin issuance volumes for 2023.
* *Action Required:* Acknowledge the updated coin issuance volumes for 2023.
* **European Central Bank (ECB):**
* *Impact:* The ECB is responsible for overseeing and managing the updated coin issuance volumes.
* *Action Required:* Monitor coin issuance to ensure compliance with the decision.
Key Entities Referenced
Treaty on the Functioning of the European Union: A treaty that forms the constitutional basis of the European Union.
Decision EU 2015/2332: Decision of the European Central Bank on the procedural framework for the approval of the volume of euro coin issuance.
Decision EU 2022/2278: Decision of the European Central Bank on the approval of the volume of coin issuance in 2023.
Austria: A Member State whose currency is the euro, that requested an increase in the volume of euro circulation coins.
Oesterreichische Nationalbank: The central bank of Austria, which submitted a request on behalf of Austria to increase the volume of euro circulation coins.
Frankfurt am Main: City in Germany, where the decision was made.
Christine Lagarde: The President of the ECB.
European Central Bank: The central bank of the Eurozone, responsible for monetary policy.
27.9.2023 EN Official Journal of the European Union L 238/147
DECISION (EU) 2023/2068 OF THE EUROPEAN CENTRAL BANK
of 12 September 2023
amending Decision (EU) 2022/2278 on the approval of the volume of coin issuance
in 2023 (ECB/2022/40) (ECB/2023/23)
THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 128(2) thereof,
Having regard to 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)(1), and in particular Article 3(7) 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 2023 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 2023 in Decision (EU) 2022/2278 of the European Central
Bank (ECB/2022/40)(2).
(3) Pursuant to Article 3 of Decision (EU) 2015/2332 (ECB/2015/43), Member States whose currency is the euro 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, where the increased coin demand continues, must request ad hoc approval for an additional
volume of coin issuance in that calendar year.
(4) On 31 July 2023, the ECB received a request from the Oesterreichische Nationalbank on behalf of Austria to increase
the volume of euro circulation coins that Austria may issue in 2023 by an additional volume of EUR 35,00 million,
from EUR 81,00 million to EUR 116,00 million. The total volume of euro coins issuance for Austria in 2023 will
accordingly rise to EUR 291,51 million, comprising EUR 116,00 million in circulation coins and EUR 175,51
million in collector coins. The request was made in response to the stronger euro coin demand in cash-intensive
sectors, especially for high value euro coins, accompanied by ad hoc euro coin demand from wholesale banks active
in Austria and increased cross-border coin demand from neighbouring countries.
(5) Pursuant to Article 3(7) of Decision (EU) 2015/2332 (ECB/2015/43) the Executive Board must adopt an individual
decision on the ad hoc approval request, when no modification to the ad hoc request is required.
(6) Therefore, Decision (EU) 2022/2278 (ECB/2022/40) should be amended accordingly,
HAS ADOPTED THIS DECISION:
Article 1
Amendments
The table in Article 2 of Decision (EU) 2022/2278 (ECB/2022/40) is amended as follows:
(1) the row regarding Austria is replaced by the following:
‘Austria 116,00 175,51 291,51’;
(1) OJ L 328, 12.12.2015, p. 123.
(2) Decision (EU) 2022/2278 of the European Central Bank of 8 November 2022 on the approval of the volume of coin issuance
in 2023 (ECB/2022/40) (OJ L 300, 21.11.2022, p. 46).L 238/148 EN Official Journal of the European Union 27.9.2023
(2) the row entitled ‘Total’ is replaced by the following:
‘Total 2 135,94 496,18 2 632,12’.
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, 12 September 2023.
For the Governing Council of the ECB
The President of the ECB
Christine LAGARDE