Goldman

Euro, Bruxelles confirm: they are cheating us!

Twitter @francescofilini

Finally comes the reply to the parliamentary inquiry submitted by MEP Marco Scurria on the legal nature of ‘€ uro, and finally comes the confirmation: we are cheating. There have always cheated. First things first.

Marco Scurria asked for clarification on the answer given by the European Commission to the first parliamentary inquiry on the legal ownership of the euro presented by MP. Mario Borghezio, which said that during the issuing bank notes belong to the Eurosystem, while in the phase of the movement belong to the owner of the account on which they are charged.

Be careful because the words in official acts and in the techno-eurocratic  language must be well weighed. So the commissioner Olli Rehn answered Borghezio that  the ownership of paper notes (which are well imprinted in every language of EU the initials of the European Central Bank) is the Eurosystem.

But what is this Eurosystem?
“The Eurosystem comprises the ECB and the NCBs of those countries that have adopted the single currency. The Eurosystem and the ESCB will co-exist as long as there are EU Member States outside the euro area.” This is the definition that you read on the official website of the ECB.

So the national central banks print notes and take possession of their nominal value (eg whether to print a business card 100 has a physical cost for who coined by 0.20 cents – intrinsic value – NCBs are also appropriating of the value printed on the ticket).

Scurria asked what were the legal grounds on which it rested the statement of the Commissioner Olli Rehn:

Inquiry with written answer E-000302/2012
the Commission
Rule 117
Marco Scurria (EPP)

Subject: Legal status of ownership of the euro

In response to a written question on the same subject submitted by Mr. Borghezio provided June 16, 2011, the Commission informs his colleague that “on issue euro banknotes belongs to the Eurosystem and, once issued, both banknotes and euro coins belongs to the owner of the account on which are charged as a result. “
Can the Commission clarify the legal basis upon which is based this statement?

Comes the answer: (more…)