Deutsch
English
Français
Español
Italiano
Nederlands
Português
Slovenčina
Hrvatski
Slovenščina
Lietuvių
Eesti
Български
CC 58 2009
Coin set
BU
Coin set BU with €5
Italy · 10 years of the EMU
Mintage21,000
Issue price€45.00
Issue date26 Mar 2009
PackagingCoin set
Edge lettering2 ★ × 6, alternately upright/inverted
Price of the set (2 coins)€15.00
Issue occasion
The commemorative coin honours the tenth anniversary of the Economic and Monetary Union and the creation of the euro on 1 January 1999. The common design shows a stylised human figure whose left arm merges into the euro symbol; beneath it are the initials ΓΣ of the artist G. Stamatopoulos. The design is complemented by the respective country name, the years 1999–2009, the national-language acronym for the Economic and Monetary Union, 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 beneath 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
Economic and Monetary Union was established in several stages. A central legal basis was the Maastricht Treaty (Vertrag von Maastricht), which was agreed in the early 1990s. It laid down so-called convergence criteria that states were to fulfil before participating in the common currency. These included requirements concerning price stability, public finances, exchange rates and long-term interest rates. At the same time, the European Central Bank (Europäische Zentralbank) and the national central banks formed a common monetary-policy system.
Eleven states initially participated in the monetary union. Their exchange rates were irrevocably fixed, and responsibility for monetary policy was transferred to the Eurosystem. At first, the euro was used primarily for cashless payments, accounting and the financial markets. Banknotes and coins did not enter circulation until 2002. During a transitional period, the former national currencies were exchanged at fixed rates. Further states joined the euro area later; at the time of issue of the commemorative coin, Slovakia was also part of it, having introduced the euro at the beginning of 2009.
The common currency differs from a mere exchange-rate agreement. The participating countries no longer conduct independent monetary policy and can no longer alter the external value of their former national currencies. Decisions on key interest rates and monetary-policy instruments are made for the euro area as a whole. Fiscal and budgetary policy, by contrast, remains fundamentally a national responsibility, but is subject to European rules and coordination procedures.
The fact that all euro-area member states at the time used the same commemorative design reflected the cross-border nature of the subject. The design was decided by a public online vote. The deliberately simple imagery, reminiscent of an early line drawing, was intended to symbolise the development of economic exchange from barter to the common European currency. The coin thus referred not only to a date, but to the institutional and economic integration process behind the euro.
Eleven states initially participated in the monetary union. Their exchange rates were irrevocably fixed, and responsibility for monetary policy was transferred to the Eurosystem. At first, the euro was used primarily for cashless payments, accounting and the financial markets. Banknotes and coins did not enter circulation until 2002. During a transitional period, the former national currencies were exchanged at fixed rates. Further states joined the euro area later; at the time of issue of the commemorative coin, Slovakia was also part of it, having introduced the euro at the beginning of 2009.
The common currency differs from a mere exchange-rate agreement. The participating countries no longer conduct independent monetary policy and can no longer alter the external value of their former national currencies. Decisions on key interest rates and monetary-policy instruments are made for the euro area as a whole. Fiscal and budgetary policy, by contrast, remains fundamentally a national responsibility, but is subject to European rules and coordination procedures.
The fact that all euro-area member states at the time used the same commemorative design reflected the cross-border nature of the subject. The design was decided by a public online vote. The deliberately simple imagery, reminiscent of an early line drawing, was intended to symbolise the development of economic exchange from barter to the common European currency. The coin thus referred not only to a date, but to the institutional and economic integration process behind the euro.
Interesting Facts
This coin set contains all eight circulating coins from 1 cent to 2 euros, as well as this 2-euro commemorative coin and the 5-euro silver coin “13° edizione Campionati mondiali di nuoto” (face value: 10.88 euros).