France melts 27 million euros in coins due to faulty EU stars | Economy
The French Mint will melt 27 million coins because the European Commission does not approve the design. While waiting for permission for new coins, France had already begun minting coins, but it had to be done again.
This relates to 27 million coins of 10, 20 and 50 cents. The coins received a new design from the Monnaie de Paris Mint in November. New designs for the national side of the coin must be submitted to the European Commission and other European Member States. They then have seven days to object.
Before the French formally requested permission, they had informally informed the European Commission. But in the meantime, the Mint has already begun producing new euro coins. The idea was to unveil it ceremoniously on December 7 during the visit of the Minister of Economy and Finance to Monnaie de Paris. But this did not happen.
Shortly before this revelation, the European Commission issued an informal warning stating that the new design was not in line with European rules, according to the French newspaper. the message. The European stars on the coins will not be clearly visible.
During December, the French presented a new design, which received European approval later that month. But by then, 27 million coins with the wrong design had already been produced. They should now be thawed.
Who is to blame?
Now there is a debate in France about who should bear the responsibility and costs of the wrong currencies. In the French media, Marc Schwartz, president of the Monnaie de Paris, refers to the government.
According to anonymous sources POLITICO The fault lies with the French Mint. In this case, the design flaw would not cost French taxpayers any money, because the Monnaie de Paris is an independent organization. Therefore, the Mint is not part of the Ministry of Economy and Finance.
It is not yet known what the newly approved currencies will look like. According to the French government, it will be revealed before spring.
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