Disparities emerge in euro counterfeit figures

Figures for counterfeit euro banknotes seized in 2012 have revealed wide differences between eurozone countries, as the number of fake notes found in the eurozone as a whole climbed slightly in the second half of the year.

A total of around 531,000 counterfeit notes were discovered and removed from circulation in 2012, according to figures published by the European Central Bank (ECB) on January 10. The central bank noted the figure was 11.6% higher in the second half of the year than in the first, but said the 2012 total was still down 12.4% on 2011. As a proportion of the roughly 14.9 billion euro notes circulating, the figures were "very low", the ECB said.

The ECB declined to reveal the breakdown of fake notes removed from circulation by individual countries, but a number of national central banks published the figures themselves. Of these, Italy had the highest figure with 123,633 notes seized, accounting for nearly a quarter of the eurozone total. At the other end of the scale, Finland seized just 620 fake notes – roughly one per 8,745 head of population, compared with Italy's one per 492 people.

In the eurozone as a whole, the €20 and €50 denominations were the most counterfeited, making up 42.5% and 40% of the total in the second half of 2012, respectively. The majority – 97.5% – were recovered from within the eurozone.

New security features

ECB chief Mario Draghi described the euro banknotes as a "success story"

On January 10, the ECB also unveiled the first in a new series of banknotes, incorporating advances in banknote technology since euro banknotes and coins were first introduced in 2002. The new notes will be released in increasing order of value "over the next few years", starting with the €5 note, which will enter circulation on May 2.

The new €5 note contains a number of updated security features in addition to existing elements. All of the second series of banknotes will feature Europa, a character from Greek mythology, whose portrait will be displayed as a watermark and hologram in the new notes. The €5 note also includes a number that changes from emerald green to deep blue when the note is tilted, and short raised lines on either end to help the visually impaired identify the note.

Speaking at the unveiling ceremony for the new note, ECB chief Mario Draghi described the euro banknotes as a "success story", and said the total value of notes in circulation roughly equalled that of US dollars – around €913 billion ($1.2 trillion) in December 2012.

"The euro is, in fact, being increasingly used as a global currency and its banknotes have been circulating inside and outside Europe with ease," Draghi said.