PARIS — France has destroyed and reminted 27 million cash after failing to ask the EU for design approval after which being informed they did not conform.
The Monnaie de Paris, the nation’s mint, produced the ten, 20 and 50 cent cash with a brand new sample in November however later found that the way in which the celebrities of the EU flag had been depicted was not compliant with the European Fee’s very exact necessities.
Underneath EU regulation, international locations can change the design of the ”nationwide” face of euro cash each 15 years, however they want the inexperienced gentle from the Fee in addition to different eurozone governments, which have to be told and have seven days to lift objections.
France informally contacted the Fee in November, earlier than addressing a proper request to approve the design, however the mint had gone forward with out ready for the EU’s OK. It then acquired an off-the-cuff warning from the Fee stressing that the brand new design was not in keeping with EU guidelines, in line with a French financial system ministry official with direct information of the file, talking to POLITICO on situation of anonymity.
A Fee spokesperson declined to touch upon earlier casual exchanges with France, however confirmed that the French treasury formally submitted the corrected design on December 12, which received the EU’s endorsement on December 21.
The brand new cash had been meant to be introduced throughout a go to of France’s Financial system and Finance Minister Bruno Le Maire to the Monnaie’s prestigious Paris headquarters. Unsurprisingly, that in the end did not occur.
Secret design
Now, a blame sport has began between the Monnaie and the federal government.
The identical financial system ministry official careworn that the Monnaie was an autonomous public firm and never a part of the French administration. Which means the Monnaie would totally bear the price of reminting the cash.
”There might be no value to the French taxpayer, as the corporate will take in it in its working prices,” the official mentioned.
The story was first reported by French media outlet La Lettre, which quoted the top of the Monnaie, Marc Schwartz, saying ”the French state” was accountable.
The design of the brand new cash proposed by the French authorities and validated by the Fee remains to be a secret and might be unveiled earlier than the spring, the French financial system ministry mentioned.
The Monnaie de Paris didn’t reply to a request for remark.