Monday, July 13, 2009

Counterfeit euros up

From Deutsche Welle:
The European Central Bank, ECB, has reported a 17 percent jump in the number of seized counterfeit euro notes. It marks the highest rate since the EU currency was introduced in 2002.
...
Twenty and fifty euro notes made up almost fifty percent of the total number largely recovered from across the 16 nations which use the common currency.
Update (for commenter Pablo below): According to the ECB, the increase in counterfeiting is "due entirely to existing counterfeit classes being distributed more widely than before."

Simply put: the use of already printed counterfeit currency is up. We will see if this story goes any further.

Rebecca
Wilder

2 comments:

  1. Something about this blog entry stinks...

    Could this be a covert operation to induce a currency crisis or is it just plain criminal counterfeiting? Is it truth or rumor?

    What's your take?

    Regardless, If the USD does not suffer similar abuse then it renders support to a strong USD reserve currency. (or Gold).

    William.

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  2. Hi Pablo,

    I published a link to ECB's announcement in the blog post. To be sure, the amount of counterfeit euro in circulation is negligible compared to the stock of "real" euros.

    Thanks for commenting, Rebecca

    ReplyDelete