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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.84

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To: IngotWeTrust who wrote (23334)	11/23/1998 6:36:00 PM
From: goldsnow	of 116741

EU statement on commemorative gold coins 02:56 p.m Nov 23, 1998 Eastern BRUSSELS, Nov 23 (Reuters) - European Union finance ministers issued on Monday the following statement on the issue of euro collector coin after the launch of the bloc's single currency: ''The Council and the Ministers meeting in the Council approved the following points on euro collector coin, defined as commemorative and bullion coin which has legal tender status but which is not produced with a view to its entry into circulation: -The issue of collector coin is to be welcomed and must be allowed to flourish, not least because it gives expression to cultural and local values and traditions. -Such coin will be legal tender in the country of issue, if necessary through the operation of national law. National authorities are invited to set up arrangements whereby they give par value for collector coin issued by other euro area member states and presented to them, claiming the value back from the issuer. -Collector coin must be readily distinguishable from coin intended for circulation. The member states will consult each other in advance of their plans for these issues with a view to assuring each other that this necessary differentiation is maintained. -These issues must come within the approval of the ECB for the volume of coin issue. The member states will inform the ECB in advance of their plans for these issue and consider any representations by the ECB that these compete with the note issue. The ECB may also monitor the issues ex post. -Collector coin in euro (whether or not also denominated in a national currency unit) should not be issued during the interim period ending on December 31, 2001. Any present issues in euro or in ECU should terminate by January 1, 1999. Collector coin in national currency units may of course be issued. -There should be a moratorium on issues of commemorative coin intended for circulation in the early years of the new notes and coins. -The Monetary Committee is requested to ensure follow-up of these decisions which is necessary at Community level.'' ((e-mail: brussels.newsroom+reuters.com, tel: +322 287 6830)) Copyright 1998 Reuters Limited

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