WRITTEN QUESTION No. 3828/98 by Riccardo GAROSCI Request for the printing and issuing of the euro 500 note to be delayed for a year
C 289/94 Official Journal of the European Communities EN 11. 10. 1999 Answer given by Mr de Silguy on behalf of the Commission (29 January 1999) One of the three facilities made available to small and medium-sized enterprises (SMEs) following Council Decision 98/347/EC of 19 May 1998 on measures of financial assistance for innovative and job-creating small and medium-sized enterprises ( the growth and employment initiative (1) is the SME guarantee facility. There is no requirement for a national guarantee scheme in order for a Member State to benefit from this facility. The facility is open to all appropriate public or private sector guarantee schemes operating in the Member States including mutual guarantee schemes. In order to ensure appropriate co-operation with Member States, the European Investment Fund (EIF), which manages the facility, will contact national authorities before implementing the facility. In the case of Italy such contacts have already been taken. As Italy does not have a national scheme, the EIF plans to launch a national call for expressions of interest in order to select eligible regional guarantee institutions as intermediaries. (1) OJ L 155, 29. 5. 1998. (1999/C 289/124) WRITTEN QUESTION E-3828/98 by Riccardo Garosci (PPE) to the Council (15 December 1998) Subject: Request for the printing and issuing of the euro 500 note to be delayed for a year The euro will become part of daily life as from 1 January 2002 when bank-notes and coins will be issued. During the next three years, a period of no obligation, no prohibition, preparations will be made in the public and private sectors through public information campaigns and business training schemes. The euro 500 note (worth about ITL 1 million) has too high a face value compared with the notes currently circulating in the 11 euro countries; no existing note in the EMU is worth euro 500. The public (already confronted with 7 new bank-notes) and business alike are frightened by the value of the euro 500 note and could have difficulty accepting it. In addition there are already rumours of counterfeit euros; a die has already been stolen and there is a danger of receiving. The introduction of the euro must therefore be planned and the public helped to overcome any psychological or practical difficulty that may arise. Will the Council therefore delay the printing and issuing of the euro 500 bank-note for one year, from 1 January 2002 to 1 January 2003? Reply (29 March 1999) According to Article 105a of the EC Treaty, the European Central Bank (ECB) has the exclusive right to authorise the issue of euro bank notes within the Community. The Council, therefore, has no competence on the matter raised by the Honourable Parliamentarian. However, during its session of 23 November 1998, the Council stressed the need to combat counterfeiting of euro bank notes and coins efficiently and invited Member States to intensify their preparations in this respect in close cooperation with the ECB and the European Commission