Some 308,000 counterfeit euro banknotes were withdrawn from circulation in the second half of 2019, an increase of 22.7% when compared with the first half of 2019 and 17.6% more than in the second half of 2018. The likelihood of receiving a counterfeit is very small indeed as the number of counterfeits remains very low compared with the number of genuine banknotes in circulation, which has risen steadily at rates in excess of GDP growth since they were first introduced. The number of counterfeits detected annually per 1 million genuine banknotes in circulation is at a very low level. There are around 24 billion euro banknotes in circulation, with a total value of close to €1.3 trillion.
The Governing Council of the European Central Bank (ECB) launched a review of its monetary policy strategy. The monetary policy strategy was adopted in 1998 and some of its elements were clarified in 2003.
The European Banking Authority (EBA) acknowledged the EU Commission’s decision to consider the supervisory and regulatory framework applicable to credit institutions in Serbia and South Korea as equivalent to that applied in the Union. The Commission’s decision follows the EBA’s assessment of non-EU countries’ equivalence with the EU prudential supervision and regulatory requirements. In its Opinion, in November 2018, the EBA concluded that the supervisory and regulatory framework applicable to credit institutions in Serbia and South Korea can be regarded as equivalent to that applied in the Union.
EESC is ready to give a helping hand to Croatian endeavours to strengthen the Union and promote a credible and merit-based EU enlargement policy.
At today’s meeting the Governing Council of the European Central Bank (ECB) decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.