Counterfeits increase as euro turns 10
The number of counterfeit euro notes has increased drastically in the past six months, according to a new report published by the European Central Bank (ECB). In its biannual report, the ECB said that during the second half of 2008, a total of 354,000...
The number of counterfeit euro notes has increased drastically in the past six months, according to a new report published by the European Central Bank (ECB).
In its biannual report, the ECB said that during the second half of 2008, a total of 354,000 counterfeit euro banknotes were withdrawn from circulation. This amounts to an increase of around 13 per cent on the quantity recovered in the previous six months.
"Recent statistics indicate that there has recently been a gradual increase in the number of counterfeits," the report states.
This has been the largest ever amount of counterfeit euro notes to be withdrawn from circulation since the introduction of the single currency. However, according to the ECB, since the number of genuine euro banknotes in circulation is also increasing, averaging over 12 billion during the second half of 2008, the scale of counterfeiting still remains small.
Reassuring the public about the quality of euro banknotes and their security features, the ECB said that the Eurosystem, which includes the European Central Bank and the 16 national central banks of the euro area, including the Maltese Central Bank, advises the public to be alert and to check the authenticity of the banknotes that they receive.
Although historically the €50 has been the most counterfeited banknote, the recent report shows that during the second half of 2008 the most counterfeited banknote was the €20. The three mid-range denominations (€20, €50 and €100) together accounted for about 94 per cent of all counterfeits.
The majority, 98 per cent of counterfeits recovered in the second half of 2008 were found in euro area countries, with approximately only one per cent being found in EU member states outside the euro area and the remaining one per cent in other parts of the world.
No specific details have been given on which member states had the most counterfeits in circulation.
The ECB said that the Eurosystem will continue to invest much effort in ensuring that both the public and the professional cash handling community are well informed about how to recognise a counterfeit banknote.
Meanwhile, the European Parliament yesterday celebrated the 10th anniversary of the introduction of the euro with a formal session in Strasbourg in the presence of ECB President Jean-Claude Trichet, Eurogroup chair Jean-Claude Juncker, Economic Affairs Commissioner Joaquín Almunia and former French President Valéry Giscard d'Estaing.
Opening the session, European Parliament President Hans-Gert Pöttering called the common currency a bastion of economic stability and said that "the creation of the euro was a logical development for a growing economic community".
Mr Pöttering said that in spite of scepticism surrounding the planned common currency, after 10 years "we can see that the euro has created a lot of trust, and has offered a lot of benefits for EU citizens and companies".
He said that with the majority of trade being internal to the euro areas the EU is better prepared to protect member states from external shocks.
In its biannual report, the ECB said that during the second half of 2008, a total of 354,000 counterfeit euro banknotes were withdrawn from circulation. This amounts to an increase of around 13 per cent on the quantity recovered in the previous six months.
"Recent statistics indicate that there has recently been a gradual increase in the number of counterfeits," the report states.
This has been the largest ever amount of counterfeit euro notes to be withdrawn from circulation since the introduction of the single currency. However, according to the ECB, since the number of genuine euro banknotes in circulation is also increasing, averaging over 12 billion during the second half of 2008, the scale of counterfeiting still remains small.
Reassuring the public about the quality of euro banknotes and their security features, the ECB said that the Eurosystem, which includes the European Central Bank and the 16 national central banks of the euro area, including the Maltese Central Bank, advises the public to be alert and to check the authenticity of the banknotes that they receive.
Although historically the €50 has been the most counterfeited banknote, the recent report shows that during the second half of 2008 the most counterfeited banknote was the €20. The three mid-range denominations (€20, €50 and €100) together accounted for about 94 per cent of all counterfeits.
The majority, 98 per cent of counterfeits recovered in the second half of 2008 were found in euro area countries, with approximately only one per cent being found in EU member states outside the euro area and the remaining one per cent in other parts of the world.
No specific details have been given on which member states had the most counterfeits in circulation.
The ECB said that the Eurosystem will continue to invest much effort in ensuring that both the public and the professional cash handling community are well informed about how to recognise a counterfeit banknote.
Meanwhile, the European Parliament yesterday celebrated the 10th anniversary of the introduction of the euro with a formal session in Strasbourg in the presence of ECB President Jean-Claude Trichet, Eurogroup chair Jean-Claude Juncker, Economic Affairs Commissioner Joaquín Almunia and former French President Valéry Giscard d'Estaing.
Opening the session, European Parliament President Hans-Gert Pöttering called the common currency a bastion of economic stability and said that "the creation of the euro was a logical development for a growing economic community".
Mr Pöttering said that in spite of scepticism surrounding the planned common currency, after 10 years "we can see that the euro has created a lot of trust, and has offered a lot of benefits for EU citizens and companies".
He said that with the majority of trade being internal to the euro areas the EU is better prepared to protect member states from external shocks.