France destroyed and re-minted 27 million coins after the EU said they did not meet requirements.
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Monnaie de Paris, the country’s mint, released 10, 20 and 50 cent coins with the new design in November 2023, but it later turned out that the way the stars of the EU flag were depicted did not meet the very precise requirements of the European Commission.
Under EU law, countries can change the design of the “national” face of euro coins every 15 years, but they need a green light from the Commission as well as other eurozone governments, who must be informed and have seven days to raise objections.
France informally contacted the Commission in November before making a formal request for approval of the design, but the mint went ahead without waiting for EU approval. He then received an informal warning from the European Commission, noting that the new design did not comply with EU rules, according to a French Economy Ministry official with direct knowledge of the file, speaking to POLITICO on condition of anonymity.
A Commission spokesman declined to comment on preliminary informal talks with France, but confirmed that the French Treasury formally submitted a revised design on December 12, which received EU approval on December 21.
The new coins are due to be unveiled during a visit by French Economy and Finance Minister Bruno Le Maire to Monnaie’s Paris headquarters. Oddly enough, this did not happen in the end.
Now the blame game has begun between Monnaie and the government.
The same Economy Ministry official stressed that Monnaie was an autonomous public company and not part of the French administration. This means that Monnaie bears the entire cost of minting the coins.
There are no costs for French taxpayers as the company will absorb them into its operating expenses, the official said.
The story was first reported by the French publication La Lettre, which quoted Monnaie chief Mark Schwartz.
The design of the new coins, proposed by the French government and approved by the Commission, is still a secret and will be made public by spring, the French Ministry of Economy said.
Source: Racurs
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