The first euros : The creation and issue of the first euro banknotes and the road to the Europa series

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Title: The first euros : The creation and issue of the first euro banknotes and the road to the Europa series
Author: Heinonen, Antti
Organization: Bank of Finland
Year of publication: 2015
Publication date: 20.5.2015
Pages: 276
Publisher: European Central Bank
Subject (yso): euro; setelirahat; kehitys
Keywords: EMI; EKP; rahanvaihto; eurosetelit; Suomen Pankki
Table of contents: 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

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