Those pesky fake coins that don't work
There are €15 billion worth of 2 euro coins - the most popular coin for counterfeiters - in circulation, and last year 172,000 were removed in fake coins.
Ever strolled over to a vending machine and put your coins in only to discover they don't work? You then bang on the machine in frustration and often have to walk away without the product or your coins. Either it's faulty or possibly the coins you have in your pocket are fake.
Many of us are unwittingly strolling around with counterfeit euro coins that have entered the system. A report by Bulgarian MEP SlaviBinev to be voted on Tuesday calls for stronger measures to tackle counterfeiting and make sure the coins are real.
The report states that in future banks would have to make sure that all the notes and coins they put into circulation (for example through cash machines) are all checked to ensure they are not counterfeit.
The report also wants a standard way of identifying and getting rid of fake coins. At the moment different countries use different ways of dealing with them. The report aims to set up mandatory common standards for authentication of euro coins - ensuring sure they are not counterfeited or unfit for circulation.
The standards for the coins would be set by European Technical and Scientific Centre (ETSC). The Binev report will be voted Tuesday 7 September after 1200.
