large blunder by the Paris Mint | EUROtoday

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IThere are some errors that price greater than others. This will price, extra exactly, between 700,000 and 1.2 million euros. According to data from The letter, the Paris Mint had determined to mint new 10, 20 and 50 centime cash with a very new design. Problem: the latter was in the end not accepted by the European Commission. The Paris Mint due to this fact discovered itself with 27 million unusable cash on its fingers.

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Still in accordance with the each day, Marc Schwartz, the overall director of the general public institution, needed to have the ability to current, on December 7, these new cash to Bruno the Mayor, throughout his journey to the headquarters of the Paris Mint , Quai de Conti. The employees due to this fact spared no effort to ship the mandatory inventory on time. Four days in a row, tirelessly, to make the establishment shine.

READ ALSO Belgium dealing with a scarcity of 10 and 20 euro cent cashBut Mark Shwartz, in doing so, ignored one element: the seven days of regulatory deadlines from the Directorate General for Economic and Financial Affairs of the European Commission (ECFIN) to validate the placing into circulation of the brand new currencies. It’s the 1er final December, a couple of days earlier than the presentation to the minister, the horrible information broke: the brand new design was rejected by Europe, on the grounds that it could make the celebrities on the face, symbolizing the European continent, barely seen.

The accountability of the French State?

The Paris Mint due to this fact needed to spend as much as 1.2 million euros to destroy the tens of millions of cash produced and remint 27 million.

READ ALSO 2024 Olympics: the Paris Mint will mint the medalsContacted by The letter, the boss of the Paris Mint evokes a postponement past his management, putting the accountability on the “French State”. Bruno Le Maire, for his half, initiated an analysis to make clear this story. In reality, these tens of millions of cash alone signify 4% of the annual manufacturing of the Paris Mint. Marc Schwartz has already deliberate to arrange an occasion to current his new pennies, and this time, validated by the European Commission, within the presence of the Minister of Finance.