ROME, DEC. 18, 2009 (Zenit.org).- The Vatican and the European Union signed a monetary convention Thursday, updating the 2000 accord that introduced the euro as the official currency of Vatican City State.
The document was signed in the name of the Holy See, as representative of Vatican City State, by Archbishop Andre Dupuy, apostolic nuncio to the European Union, while Joaquin Almunia, European commissioner for Economic and Financial Affairs, signed for the European Union.
The provisions of the new convention will come into effect Jan. 1.
Under the accord, the Vatican is allowed to mint €2,300,000 annually, plus a variable supplementary quota. Previously, the value was €1,074,000.
Additionally, at least 51% of Vatican coins should be in circulation. Previously, a large part of them was reserved for collectibles.
Finally, the new convention stipulates Vatican agreement to European Union law on money laundering, fraud and falsification of bills.
