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CC 55 2009
Blister pack
BU
Blister pack BU
France · 10 years EMU
Mintage6,801
Issue price€10.00
Issue date1 Jan 2009
PackagingBlister pack
Edge lettering2 ★ ★ × 6, alternating upright/inverted
Market price€19.00
Issue occasion
The occasion is the tenth anniversary of the Economic and Monetary Union and the creation of the euro on 1 January 1999. The design created by G. Stamatopoulos and selected in an online vote shows a stylized human figure whose left arm is extended by the euro symbol; the initials ΓΣ appear below. Also included are the dates “1999–2009”, the respective national-language acronym for the Economic and Monetary Union, the name of the issuing country and the twelve stars of the European flag.
The design
The coin depicts a stylised human figure in the centre, whose left arm is extended by the euro symbol. The artist’s initials ΓΣ appear below the euro symbol. The name of the issuing country in the national language(s) appears along the upper edge of the design, while the inscription 1999-2009 and the acronym EMU, translated into the national language(s), appear along the lower edge.
The twelve stars of the European flag are depicted on the coin’s outer ring.
The twelve stars of the European flag are depicted on the coin’s outer ring.
Background on the topic
The Economic and Monetary Union is based on the Maastricht Treaty (Vertrag von Maastricht), which entered into force in 1993. It established a multi-stage transition to a common currency. Participation required, among other things, compliance with criteria relating to price stability, government debt, budget deficits, long-term interest rates and exchange-rate stability. This was intended to prevent economies that differed greatly from one another from adopting a common monetary policy without prior convergence.
With the beginning of the third stage, the exchange rates of the participating national currencies were irrevocably fixed. The euro initially existed only as book money, for example for transfers, bank accounts and trading on the financial markets. Banknotes and coins did not enter circulation until 1 January 2002. During a transitional period, cash payments were still made in the former national currencies. These subsequently lost their status as legal tender, but in many cases could still be exchanged at the respective central banks.
The common monetary policy was transferred to the Eurosystem, which consists of the European Central Bank (Europäische Zentralbank) and the central banks of the euro-area countries. The European Central Bank was founded in 1998 and is headquartered in Frankfurt am Main. Its central tasks include maintaining price stability and setting the key interest rates for the euro area. The national governments, by contrast, remained fundamentally responsible for their budgetary and economic policies. This division repeatedly gave rise to political debates about common rules and national room for manoeuvre.
Initially, eleven states participated in the common currency. Greece followed in 2001; further EU Member States joined the euro area after meeting the requirements. With Slovakia, which introduced the euro in January 2009, the euro area comprised 16 states at the time of issue.
The common coin issue made visible that, despite nationally designed coin sides, the euro is based on a common monetary system. At the same time, the different language versions and country designations made it possible to retain the national origin of each coin. Such common issues are coordinated by the euro-area countries and appear simultaneously throughout the currency area.
With the beginning of the third stage, the exchange rates of the participating national currencies were irrevocably fixed. The euro initially existed only as book money, for example for transfers, bank accounts and trading on the financial markets. Banknotes and coins did not enter circulation until 1 January 2002. During a transitional period, cash payments were still made in the former national currencies. These subsequently lost their status as legal tender, but in many cases could still be exchanged at the respective central banks.
The common monetary policy was transferred to the Eurosystem, which consists of the European Central Bank (Europäische Zentralbank) and the central banks of the euro-area countries. The European Central Bank was founded in 1998 and is headquartered in Frankfurt am Main. Its central tasks include maintaining price stability and setting the key interest rates for the euro area. The national governments, by contrast, remained fundamentally responsible for their budgetary and economic policies. This division repeatedly gave rise to political debates about common rules and national room for manoeuvre.
Initially, eleven states participated in the common currency. Greece followed in 2001; further EU Member States joined the euro area after meeting the requirements. With Slovakia, which introduced the euro in January 2009, the euro area comprised 16 states at the time of issue.
The common coin issue made visible that, despite nationally designed coin sides, the euro is based on a common monetary system. At the same time, the different language versions and country designations made it possible to retain the national origin of each coin. Such common issues are coordinated by the euro-area countries and appear simultaneously throughout the currency area.