Will new EU countries make their own Euros?

I heard today that ten new countries are in the EU. Will that mean ten new Euro coins?

 

Log in or Sign up to hide this ad.

where did you read this? which countries?

 

New EU members will have their own euro coins and perhaps banknotes as soon as they become full members and pass the Euro-Zone criteria.
Of the new EU members only Cyprus and perhaps Poland can meet these standards. In general, yes, all countries that join the eurozone, irrelevant if they are current or future EU members will have their own coins.

 

Cyprus? Really? I thought that place was a hell of a mess because Turks and Greeks can't get along. What is it that makes Cyprus a leading candidate?

 

I heard it on the radio news. I did find an article about it here http://www.usatoday.com/aponline/2002100917/2002100917212900.htm but I don't know if that covers it very well. Maybe someone from Europe could explain it better.

 

North Cyprus is indeed the same mess Turkey is. Violation of International laws and luck of humanitarian practices is a standard there since the invation in Cyprus in 1974. South Cyprus or formaly Republic of Cyprus is a free and independend state with one of the strongest economies worldwide. That alone makes Cyprus the strongest candidate to join not only EU but eurozeone immediately!

 

As for Cyprus, both options are viable. "The Union reiterates its preference for a reunited Cyprus to join the European Union on the basis of a comprehensive settlement, and urges the leaders of the Greek Cypriot and Turkish Cypriot communities to seize the opportunity and reach an agreement before the end of the accession negotiations this year." http://eu2002.dk/news/news_read.asp?iInformationID=23826

This also means that, if the two parties do not reach such an agreement, only the Southern (Greek) part will - most likely - be an EU member. For general information about the enlargement see
http://europa.eu.int/comm/enlargement/index_en.html

The new member states will not "automatically" be part of Euroland. But they cannot simply decide to stay out of the currency union either; only Denmark and the UK had that option due to the Maastricht Treaty. Of course the example of Sweden shows that, if an EU member state is not willing to join Euroland, there are ways of "voluntarily not meeting" the criteria ...

Christian

 

Hmm, I forgot to mention the numismatic aspects of this issue

Provided that all of these 10 "invited" countries join the EU in 2004, the map on the current coins might be updated accordingly. That map shows or highlights the present EU member states, no matter whether they are part of Euroland or not. So maybe future euro coins will show the enlarged EU while the "older" ones will still circulate. But at present this is merely a wild guess ...

Joining the European Union does not automatically make a country part of Euroland. But once an EU member state joins the currency union, it can issue coins with its own country specific sides.

With bank notes it will be different anyway: As of this year a "decentralized pooling scheme" is used which means that, for example, all €10 notes are made in Germany, Greece and Ireland while, say, the €50 notes are made in Belgium, the Netherlands and Spain. Don't know if the note designs are to be modified; as far as I can tell, Cyprus and Malta are not on the map printed on the euro notes.

Christian

 

Cyprus,like Malta,is a member of the British Commonwealth.Both Cyprus & Malta have the system of 1 Pound = 100 Cents.

 

Both Cyprus & Malta also used Mils.In the case of Cyprus,it was 1,000 Mils = 1 Pound.This currency system replaced the Pounds,Shillings & Piastres in 1955.It was replaced by the Pound & Cents currency in 1983.

Malta began issuing its own coins in 1972.There were 10 Mils in 1 Cent,& 100 Cents in 1 Pound.Since 1983,Mils have no longer been in use.
The Maltese call the Pound the Maltese Lira (or Liri for the plural),but everyone knows it as the Pound,
because a Pound sign is used.

 

As the rules stand right now, a rather complex calculation assigns each nation that is a member of Euroland a certain total amount of Euro coins that it has to mint. This prevents one, or several, nations from flooding the market with coins or from withholding coins, as either action could have serious negative effects on the economy (i.e. inflation or deflation). When the new members of the EU can start to mint coins, they will be given an assignment of coins as well. They will also have the privilege of designing their own obverses (or are those reverses?). I believe I saw an article in CW not too long ago about Estonia's design. There will also be larger mintages of the total number of each denomination because there is more demand (what with more people and all that), although individual nations may end up minting fewer coins.

 

Officially the uniform side is the obverse and the national side is the reverse.

 

Roy,I always think of the uniform side as the reverse,& the national side as being the obverse.

 

You, and others, may think what you will, but the English language section of the European Central Bank's official website states:

 

And so may the European Central Bank. Now the European Commission has a different opinion ... Look at the Commission's recommendation regarding the commemorative €2 coins, for example. I made the important part bold here

"Commemorative euro coins are specific circulation coins and comply with the technical specifications laid down in Regulation (EC) No 975/98, but the standard national obverse design is replaced by a different national design in order to commemorate a specific event or personality."
http://europa.eu.int/cgi-bin/eur-le...j&SERVICE=all&LANGUAGE=en&DOCID=2003l264p0038

Guess this "confusion" has a lot to do with country specific traditions or laws. In monarchies, for example, the side that shows the head of state is usually the obverse. Here in Germany there is no legal definition of which side is what. When it comes to the euro and cent coins, the terms "common side" and "country specific (or: national) side" are more frequently used.

Christian

 

Well, if the equivalents of Congress and the Federal Reserve can't agree, why should Aidan and I?

 

I can guess that none of the bureaucrats in the European Central Bank are numismatists.If there was a numismatist in the E.C.B.,then I am sure they would say that I am correct in saying that the side with the common design is the reverse.

 

Malta has confirmed that it will definitely join the Euro-Zone in 2008.It will be the first British Commonwealth country that will have the Euro as its currency.Here's a link; www.centralbankmalta.com .

Slovenia is joining the Euro-Zone in January 2007.There will be a short period in which both Tolarjev & Euros will be legal tender.

Aidan.

 

A section on this page http://www.answers.com/topic/euro-coins describes about a new common side.
Find 'design changes' ... somwhere in the middle of the page.