Maltese euro coins to be issued according to new EU guidelines

Although it might be too early, the Maltese monetary authorities and the EU are already working on the design of the new Maltese euro coins when Malta changes over to the single European currency in a few years' time.

Malta can officially adopt the euro in two years' time now that it has joined the exchange rate mechanism. However, no decision has yet been taken as to when the official changeover will take place as the Government prefers to see how the situation develops in these two years before taking a formal decision.

In fact it is not solely up to the government to decide, as the EU will have to certify that the Maltese economy would have indeed fulfilled the criteria for joining the euro.

However, the preparations have already started and The Sunday Times is informed that the first designs of the new Maltese euro coins are already at the Finance Ministry.

The new Eurozone countries are expected to have a slightly different design on their coins. According to new guidelines, approved by the European Commission last week, coins issued by new Eurozone members, or coins with new national sides introduced by existing members, should bear either the name of the issuing member state or an abbreviation of it.

Moreover, the national side should not repeat the denomination of the coin as this indication already appears on the common side. 

Commission sources told The Sunday Times that the new guidelines supplement the two existing design features, namely the 12 stars surrounding the design and the year of issue.

Member states are also expected to inform each other well in time before they issue newly-designed coins to avoid duplication or similarities.

Euro coins have increasingly been circulating throughout the 12-nation euro area since they were issued on January 1, 2002. One of the sides is common to all issuing countries, whereas the other presents national characteristics.

The national side constitutes an expression of national and cultural diversity. Certain countries, like Spain, the Netherlands, Belgium and Luxembourg, portray the reigning monarch while others preferred to put national symbols or heroes. Ireland for example used the harp while Italy chose Dante.

The choice of the design of the national sides falls under the responsibility of the issuing member state.

The new EU guidelines are now expected to be adopted by all member states this week during the Economic and Finance Ministers meeting in Luxembourg. Prime Minister Lawrence Gonzi, who also holds the finance portfolio, will be attending this meeting.