Identical banknotes reduce costs and simplify currency management

Only if we collectively manage a common currency can we eventually progress towards a single currency.

The recent fluctuations in this currency have revealed the need for a more political style of governance, of management.

In 2005 foreign currency interest rate futures were used as part of the management of the ECB 's foreign reserves .

It supported the implementation and maintenance of a common quality management system in mints producing euro coins .

The euro area NCBs will provide collateral management services and settlement in central bank money in T2S .

E money does not mean that money is created.

OFF BALANCE SHEET INSTRUMENTS 17 AUTOMATIC SECURITY LENDING PROGRAMME Foreign currency interest rate futures Purchases Sales

Relevant legislation requiring adaptation is in particular found in the following areas banknotes , coins , foreign reserve management , exchange rate policy and confidentiality .

17 INTEREST RATE FUTURES In 2004 foreign currency interest rate futures were used within the management of the ECB 's foreign reserves .

Changes as at 1 May 2004 When the new countries join the European Union and their respective NCBs become part of the ESCB , the subscribed capital of the ECB and the limit on the amount of foreign reserve assets that may be transferred to the ECB will be increased automatically . 18 INTEREST RATE FUTURES In 2003 foreign currency interest rate futures were used within the management of the ECB 's foreign reserves .

The development of a free Europe without borders is one side of the coin on the other side are the management of external borders and movement of people.

Currency system The renminbi ( people's currency ) is the currency of China, denominated as the yuan, subdivided into 10 jiao or 100 fen.

Currency of issuance Definition The currency of issuance is defined as the currency denomination of the security .

( b ) The ECB holds 3,211 shares in the BIS , which are included at the acquisition cost of Euros 41.8 million . OFF BALANCE SHEET INSTRUMENTS REVALUATION DIFFERENCES

The banknotes held in custody by the ECI banks , including those in transit between the NCB and the ECI banks , are fully collateralised until they are put into circulation by the ECI banks or returned to the NCB . Banknotes transferred from the NCB to ECI banks form part of the NCB 's created banknotes ( data item 1.1 ) .

Currency of denomination

Coin stocks

Base Currency

Source currency

Target currency

Trading Currency

Base currency

Basra coin.

In the currency selection area, moves from one currency to the other

Currency of each other EU Member State All currencies combined EU Member EU Member EU Member EU Member State State State State currency currency currency currency Total USD JPY CHF Remaining currencies combined Euro

Such a single currency could circulate in the form of banknotes printed with the ECU value on one side and the national currency equivalent on the other.

market management , human resources , production management and project management consulting

the exchange rate prevailing at the time of the transaction . The revaluation of foreign exchange assets and liabilities is performed on a currency by currency basis , including on balance sheet and off balance sheet instruments .

The revaluation of foreign exchange assets and liabilities is performed on a currencyby currency basis , including on balance sheet and off balance sheet instruments .

Coin issuance

Euros 2

1 cent

Issuing electronic money .

National sides 10 cent

Euros 1

Surplus of coins

Shortage of coins

Data item type 2.1

2.1 Coin stocks 5.1 Credited stocks of circulation coins held by coin issuing entities

National sides 5 cent

National sides 20 cent

EN Currency of issue

National sides 2 cent

National sides 50 cent