Introduction and legal basis
On 27 July 2023 and 11 September 2023 the European Central Bank (ECB) received requests from the European Parliament and the Council of the European Union, respectively, for an opinion on a proposal for a regulation of the European Parliament and of the Council on the legal tender of euro banknotes and coins [COM(2023) 364 final.] (hereinafter the 'proposed regulation').
The ECB's competence to deliver an opinion is based on Article 133 of the Treaty on the Functioning of the European Union, which provides that, without prejudice to the powers of the ECB, the European Parliament and the Council are to lay down the measures necessary for the use of the euro as the single currency, and that such measures are to be adopted after consultation of the ECB. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.
1. General observations
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