Central Banking

ECB report euro notes proving tough to counterfeit

GERMANY - The new euro bank note has proved bad news for forgers: less than a tenth of the previous number of counterfeit notes in the eurozone has been detected in the first six months in which the new currency has circulated.

According to the European Central Bank just one counterfeit per day was recorded for every 59 million genuine banknotes in circulation.

In the first six months of 2002 officials in the 12 countries using the euro found 21,965 forgeries compared with more than 300,000 in