The first euros : The creation and issue of the first euro banknotes and the road to the Europa series
Heinonen, Antti (20.05.2015)
Julkaisija
Bank of Finland
2015
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-201503311139Sisällysluettelo
Preface 17
Acknowledgements 18
Preface and acknowledgements of the Finnish edition 19
Preamble 23
1. Questions to be resolved for Europe's common currency 27
Planning starts in 1991, prompted by the prospect of monetary union 28
Banknote working group begins planning work in spring 1992 32
European Monetary Institute established in 1994 35
Summer 1994: More central banks join currency planning 36
2. Denominations, and design of a common European banknote series 39
Clear principles for determining denominations 40
Challenges of appearance and lettering 42
Tales of banknote signatures 45
Banknote sizes adjusted for the visually impaired 47
Acceptable minimum banknote size almost unchanged for decades 49
Establishing principles for choosing security features 49
New chair appointed to the banknote issue task force 52
3. The choice of banknote themes and the design competition 55
Advisers identify wide range of potential themes 56
Banknote design competition arranged in early 1996 59
Banknote group begins annual meetings outside Frankfurt 60
4. Winning design finalised, details settled 87
Refining the winning entry into a finished banknote design 88
EMI's Lamfalussy: Picking the winner was unexpectedly easy 90
Detailed consideration of potential legal issues 92
Seeking a consistent solution for banknote numbering 94
5. ECB begins operations, ESCB banknote committee established 99
Reorganising banknote planning as ECB Director of Banknotes 700
Eugenio Domingo Solans, the ECB Executive Board member for banknotes 104
6. Planning logistics for the euro cash changeover 107
Euro cash issuance date and changeover formalities fixed long in advance 108
EMI and ECB begin regular meetings with stakeholders in autumn 1997 111
Regular reassessment of volume of banknotes required at launch 112
7. Banknote production from preparations to full-scale start-up 115
Preparations for production divided into many separate phases 116
Testing the ability of printing works to produce uniform banknotes 116
Printing plate production, a zero-production run and quality management 119
A hologram original lost in flight 720
Full-scale euro banknote production begins in summer 1999 121
Euro printing "is not mass production" 727
8. Production hiccups not entirely avoided 129
Error in printing a security feature to prevent colour copying 130
Corrosion problems with security thread metallisation 131
Hologram missing from 500 euro note 133
9. Getting ready to issue euro banknotes 135
Europe's greatest peacetime logistical operation 136
The pedigree of the linear debiting model 740
Conversion of cash dispensers and vending machines 141
CashCo takes charge of cash changeover coordination 743
10. The Euro 2002 Information Campaign 145
200 million brochures distributed to the public 146
Strong media coverage of changeover planning 755
11. The cash changeover 157
National banknotes exchanged faster than expected 158
The eve of the launch, and €-day itself 762
Cash dispensers quickly converted, vending machines more slowly 166
Successful changeover draws wide attention 768
12. Banknotes and counterfeits after the launch 171
Continuous increase in number of banknotes 172
Lehman Brothers bankruptcy spurs euro banknote demand 777
Euro changes national patterns of banknote use 178
Security features prevent euro counterfeiting 184
Human interest in the "alchemy" of counterfeiting 795
13. Events and challenges after banknote issuance 199
Common systems for Eurosystem cash management 200
Better efficiency for all parties involved in cash circulation 204
Systemic risks to national cash management: the Heros bankruptcy 205
Other central banks take note of euro banknote launch 206
14. Controversies over banknote materials and features 209
Environmental impacts of TBT and GMO cotton 210
Persistent rumours about radio identification tags 211
European Parliament asks for one-euro and two-euro notes 212
US Congress seeks advice on low-denomination notes 273
The enigma of Berlin's brittle banknotes 214
15. Cash changeover planning for the EU's new members 217
Something old, something new 218
Playing a part in Estonia's euro debate 221
16. The making of Europa 223
The arduous path towards a second euro banknote series 224
Council demands quantum leaps in security features 225
Exploring new banknote features 226
The series receives its designer and its name 228
Governing Council approves security features 230
Printing works and letters in the Europa-series 232
Growing role of banknote handling equipment 232
From banknotes director to global anti-counterfeiting chair 234
President Trichet's strong interest in euro banknotes 236
17. Looking back over two decades 239
Endnotes 243
Appendices 249
Appendix 1. 250
The 1996 design competition jury
Appendix 2. 251
Irrevocable conversion rates for the euro 251
Appendix 3. 252
Euro banknotes and their security features 252
Appendix 4. 256
The shares of the euro area national central banks in the ECB's capital key since 1 January 2015 256
Appendix 5. 257
Euro banknote production 1999-2015
Sources and literature 263
Archive sources 264
Literature 264
Newspapers and news reviews 266
Name index 269
Acknowledgements 18
Preface and acknowledgements of the Finnish edition 19
Preamble 23
1. Questions to be resolved for Europe's common currency 27
Planning starts in 1991, prompted by the prospect of monetary union 28
Banknote working group begins planning work in spring 1992 32
European Monetary Institute established in 1994 35
Summer 1994: More central banks join currency planning 36
2. Denominations, and design of a common European banknote series 39
Clear principles for determining denominations 40
Challenges of appearance and lettering 42
Tales of banknote signatures 45
Banknote sizes adjusted for the visually impaired 47
Acceptable minimum banknote size almost unchanged for decades 49
Establishing principles for choosing security features 49
New chair appointed to the banknote issue task force 52
3. The choice of banknote themes and the design competition 55
Advisers identify wide range of potential themes 56
Banknote design competition arranged in early 1996 59
Banknote group begins annual meetings outside Frankfurt 60
4. Winning design finalised, details settled 87
Refining the winning entry into a finished banknote design 88
EMI's Lamfalussy: Picking the winner was unexpectedly easy 90
Detailed consideration of potential legal issues 92
Seeking a consistent solution for banknote numbering 94
5. ECB begins operations, ESCB banknote committee established 99
Reorganising banknote planning as ECB Director of Banknotes 700
Eugenio Domingo Solans, the ECB Executive Board member for banknotes 104
6. Planning logistics for the euro cash changeover 107
Euro cash issuance date and changeover formalities fixed long in advance 108
EMI and ECB begin regular meetings with stakeholders in autumn 1997 111
Regular reassessment of volume of banknotes required at launch 112
7. Banknote production from preparations to full-scale start-up 115
Preparations for production divided into many separate phases 116
Testing the ability of printing works to produce uniform banknotes 116
Printing plate production, a zero-production run and quality management 119
A hologram original lost in flight 720
Full-scale euro banknote production begins in summer 1999 121
Euro printing "is not mass production" 727
8. Production hiccups not entirely avoided 129
Error in printing a security feature to prevent colour copying 130
Corrosion problems with security thread metallisation 131
Hologram missing from 500 euro note 133
9. Getting ready to issue euro banknotes 135
Europe's greatest peacetime logistical operation 136
The pedigree of the linear debiting model 740
Conversion of cash dispensers and vending machines 141
CashCo takes charge of cash changeover coordination 743
10. The Euro 2002 Information Campaign 145
200 million brochures distributed to the public 146
Strong media coverage of changeover planning 755
11. The cash changeover 157
National banknotes exchanged faster than expected 158
The eve of the launch, and €-day itself 762
Cash dispensers quickly converted, vending machines more slowly 166
Successful changeover draws wide attention 768
12. Banknotes and counterfeits after the launch 171
Continuous increase in number of banknotes 172
Lehman Brothers bankruptcy spurs euro banknote demand 777
Euro changes national patterns of banknote use 178
Security features prevent euro counterfeiting 184
Human interest in the "alchemy" of counterfeiting 795
13. Events and challenges after banknote issuance 199
Common systems for Eurosystem cash management 200
Better efficiency for all parties involved in cash circulation 204
Systemic risks to national cash management: the Heros bankruptcy 205
Other central banks take note of euro banknote launch 206
14. Controversies over banknote materials and features 209
Environmental impacts of TBT and GMO cotton 210
Persistent rumours about radio identification tags 211
European Parliament asks for one-euro and two-euro notes 212
US Congress seeks advice on low-denomination notes 273
The enigma of Berlin's brittle banknotes 214
15. Cash changeover planning for the EU's new members 217
Something old, something new 218
Playing a part in Estonia's euro debate 221
16. The making of Europa 223
The arduous path towards a second euro banknote series 224
Council demands quantum leaps in security features 225
Exploring new banknote features 226
The series receives its designer and its name 228
Governing Council approves security features 230
Printing works and letters in the Europa-series 232
Growing role of banknote handling equipment 232
From banknotes director to global anti-counterfeiting chair 234
President Trichet's strong interest in euro banknotes 236
17. Looking back over two decades 239
Endnotes 243
Appendices 249
Appendix 1. 250
The 1996 design competition jury
Appendix 2. 251
Irrevocable conversion rates for the euro 251
Appendix 3. 252
Euro banknotes and their security features 252
Appendix 4. 256
The shares of the euro area national central banks in the ECB's capital key since 1 January 2015 256
Appendix 5. 257
Euro banknote production 1999-2015
Sources and literature 263
Archive sources 264
Literature 264
Newspapers and news reviews 266
Name index 269