Malta - Euro Coins

Maltese euro coins Euro coins of Malta Il-Bank êentrali ta’ Malta ħareā munita f’verŜjoni tal-fidda u oħra tad-deheb bit-tema “La Castellania” taħt l-Europa Programme 2009 bit-tema ‘Wirt Kulturali’.  Fuq quddiem tal-muniti jidhru l-Arma ta’ Malta u s-sena tal-ħruā 2009. Fuq wara tidher il-Castellania, li arkitettonikament hi waħda mill-aktar binjiet impressjonanti fi  Triq Merkanti āewwa l-Belt Valletta. Sa mill-1895 dan il-bini serva bħala l-uffiëëju  ewlieni tal-awtoritajiet mediëi u tas-saħħa pubblika. L-Europa Star, li hi l-logo uffiëjali tal-programm, tidher ukoll fuq wara tal-muniti.  Dawn il-muniti għall-kollezzjonisti nħadmu fir-Royal Dutch Mint b’dawn lispeëifikazzjonijiet: Valur nominali €10 €50 Metall Fidda Deheb Kontenut 0.925 0.916 PiŜ 28.28 (gr) 6.5 (gr) Dijametru 38.61 (mm) 21 (mm) Ħruā massimu 15,000 3,000 Il-munita tal-fidda tinsab għall-bejgħ bil-prezz ta’ €38, filwaqt li dik tad-deheb tinbiegħ bil-prezz ta’ €200 (VAT inkluŜa). Dawn il-muniti jistgħu jinxtraw mill-Malta Coins Distribution Centre, Bank êentrali ta’ Malta, Pjazza Kastilja, Valletta, jew permezz tas-sit elettroniku tal-Bank www.centralbankmalta.org mit-taqsima tal-Currency.  Aktar tagħrif jista’ jinkiseb mill-Bank fuq in-numru tat-telefon +(356) 2550 6005. The Central Bank of Malta has issued a silver and a gold coin with the theme “La Castellania” as part of the Europa Programme 2009 dedicated to ‘Cultural Heritage’.    The obverse of the coins shows the Emblem of Malta with the year of issue 2009. The reverse depicts the Castellania, which is one of the most architecturally striking buildings in Merchants Street in Valletta. Since 1895 this building has housed the Medical and Public Health Head Office. The 'Europa Star', which is the official logo of the programme, is also shown on the reverse side of the coins. These numismatic coins were minted at the Royal Dutch Mint with the following specifications:    Face Value: €10; €50   Metal: Silver; Gold   Finesse: 0.925; 0.916 Weight: 28.28 (gr); 6.5(gr) Diameter: 38.61 (mm); 21 (mm) Edition Limit: 15,000; 3,000   feature three separate designs for the three series of coins. Malta has been a member of the European Union since 1 May 2004, and is a member of the Economic and Monetary Union of the European Union. It has completed the third stage of the EMU and adopted the euro as its official currency on 1 January 2008. The selection of the designs of the coins was decided by public consultation in two rounds. The first round of the consultation process started on January 14, 2006 and ended on January 29, 2006. During this period the Maltese public could participate in the process by choosing from a total of 12 options, divided into 4 design themes- Prehistoric Malta, Renaissance Malta, The Maltese Identity and The Maltese Archipelago. Three different options were presented for each theme.  The results of the first round voting were The Baptism of Christ in St John’s Co-Cathedral (3498 votes), Malta’s Coat of Arms (2742 votes) and Mnajdra Temple Altar (1872 votes). Another design, The Fort St. Angelo option, received 2037 votes, but was not included as one of the three chosen options, since the Baptism of Christ received the most votes in that theme.   Along with the visual design options, the public was also given several alternative options, which were voted on in the same manner. The first and second most popular suggestions made by the public were the Maltese cross and Dun Karm, respectively on the Maltese euro coin set. The Steering Committee for the adoption of the euro ultimately decided to include the most popular suggestion, the Maltese Cross, with the three chosen by the public.  These four finalists were then sent to a designer and four designs were rendered for the second round of voting.  During the second phase, running from 29 May until 9 June 2006, the public was asked to choose the actual designs for the euro coins from the four mock ups produced by the designer. The three designs with the highest number of votes would then become the final design for the Maltese face of the euro coin set.  The results of the second round were Maltese cross, followed by the Coat of arms of Malta and the Mnajdra Temples.  The Central Bank of Malta released the final designs of the euro coins on 19 February 2007.   On 23 October 2007, the designs were officially published in the Official Journal of the European Union.  On 16 May 2007, the Commissioner for Economic & Financial Affairs of the EU, Joaquin Almunia, recommended that Malta adopt the euro as scheduled, a decision confirmed by the Council of Finance Ministers on 10 July 2007. The Maltese citizens can obtain euro information directly from their town or village during December 2007 and January 2008. The Euro Centres will be opened during the day. One can obtain information material and discuss concerns with people trained specifically on matters related to the changeover from Maltese lira to the euro.  It is a great pleasure to talk to you here, in Valetta, at this conference celebrating the adoption of the euro. Let me first and foremost congratulate all parties involved in the successful cash changeover twelve days ago. Not only did Malta perform exceptionally well in its convergence process to the euro area, but also the cash changeover was exemplary so far. I should like to stress that by recognising at an early stage the necessity to reach a high degree of sustainable convergence, and by working towards this objective, the Central Bank of Malta in particular has contributed greatly to the success we are celebrating today.  

1. Successful economic achievements of Malta towards the euro adoption

The adoption of the euro that we are celebrating is the result of the sucessful macroeconomic policies that the authorities of Malta have pursued in the last years. Malta has made significant progress in nominal convergence over recent years, owing to well-managed monetary and exchange rate policies and a range of structural reforms. HICP inflation in Malta has been relatively stable. Both short-term and long-term interest rates have followed a declining trend in recent years to levels that are now in line with those of the euro area as a whole. This reflects market confidence in the macroeconomic and fiscal developments in Malta. 

Malta has progressed on a sustainable convergence path without experiencing major imbalances: Price and cost competitiveness developments have been favourable since 2004, although the Maltese current account position has shown some weaknesses in recent years.   Another element of Malta’s successful convergence experience was its participation in the Exchange Rate Mechanism II (ERM II). The lira-euro exchange rate remained at its central rate for the entire period of ERM II participation that started in May 2005. The EU Council decided that the central rate should also become the final conversion rate of the lira to the euro.  Now, twelve days after the successful introduction of the new currency, I would like to stress that, in the short term, the conversion of prices into euros should not be used as an opportunity to raise prices in an unjustified manner. This is especially important in a situation where food and energy prices are already exerting upward pressures on inflation.

2. Co-operation between the Central Bank of Malta and the ECB

The ECB has very much appreciated the fruitful cooperation with the Central Bank of Malta in the preparations for Malta’s entry in the euro area, be it at the technical level or through the participation of Governor Bonello in the General Council since May 2004, and more recently, as an observer in the Governing Council since last July. Practical preparations of the cash changeover were remarkably well organised and the euro campaign organised by the Maltese authorities has very well prepared the Maltese population to allow a smooth changeover.

3. How to ensure the sustainability of convergence once the euro has been adopted

For the proper functioning of the single monetary policy in the euro area all participating countries are required to exhibit a high degree of convergence and, importantly, to do this on a sustainable basis. For all enlargement decisions for the euro area, we refer to clearly defined convergence criteria and apply them in a strict manner. Sustainability is key in this respect. Once the euro is adopted, there is no return. Sustainability has been key in our past convergence assessments and will remain so in the future.  The entry of Malta in the euro area implies that the benefits of the Single Market will be further enhanced by the single currency. The euro offers a credible framework for price stability in an environment characterised by the absence of exchange rate uncertainty within the euro area. Malta will also benefit from the stability oriented policy of the ECB, which will help anchor inflation expectations. Furthermore, as Malta is a small open economy, adopting the euro provides protection against international financial disturbances, which often have a disproportional effect on smaller economies.  I should underline, however, that these benefits do not come automatically. They depend to an important degree on the economic policies pursued by euro area countries themselves. For Malta, it is particularly important to continue on a sustainable and credible path of fiscal consolidation and to improve its fiscal performance by tangibly reducing its high debt ratio. It will be important, in both the public and the private sector, to maintain moderate labour costs developments that take into account labour productivity growth, labour market conditions and developments in competitor countries. It is particularly crucial for the competitiveness of the Maltese economy that the current one-off shocks to inflation do not lead to second round effect in prices and wage settings. Attention must also focus on overcoming the structural constraints on economic growth and job creation, notably by fostering labour participation. The strengthening of competition in product markets and improvements in the functioning of the labour market are key elements in this regard.  Ladies and gentlemen, let me again congratulate you for all the achievements of the process of euro adoption and give my warmest welcome to the new member in the family of the Eurosystem. Welcome Malta!   The Republic of Malta is an island nation located in Southern Europe in the Mediterranean Sea, south of Italy. For over 3,500 years Malta was ruled, in succession by the Phoenicians, Carthaginians, Romans, Arabs, Normans, the Knights of Malta, France and Britain. With British help, the Maltese people launched an insurrection which gained them their freedom from the French in 1814, where, of their own free will, Malta became a possession of Great Britain. When Malta gained their independence in 1964, they chose to remain in the British Commonwealth. In 1974, Malta became a Republic and since the mid 1980s the island has become a financial center, freight transshipment point and a tourist destination  2008 - Malta - Official Euro BU Set   Rather than producing both an UNC set and a proof set, Malta has decided to produce only a BU set. A total of only 40,000 were produced and of these 25,000 were made available to the international market.  Not only is the issue number reasonable, the quality of the set is very good. All 8 coins are all beautifully struck and housed in a dark wooden box lined in red flocking. In the centre is a gold-colored ingot bearing the coat of arms of the Central Bank of Malta and the year of issue, 2008.  Each set comes with a full color certificate bearing a serial number, the specifications of the coins and the signature of the governor of the bank.  On the national side are 3 different designs representing Malta's history and culture. Each coin has 12 stars around the edge.  1 & 2 euro - features the Maltese Cross, repeated 6 times alternately upright and inverted.  10, 20 & 50 cent - the Coat of Arms of Malta.  1, 2 & 5 cent - The Mnajdra temple altar.   2007 - Coins of Malta - Mint Set    The set features a total of 9 coins. All coins, except for the 5 mils, bear the emblem of the Republic of Malta on the obverse. The 5 mils coin is equal in value to 1/2 cent. On January 1, 2008, Malta officially introduced the euro as its new currency.   The set is housed in a full color folder and a slipcase. The folder has extensive historical text and photos together with a list of interesting statistics regarding this small island nation.  May 1972 the Maltese decimal currency came into being. The Malta pound, which was renamed Maltese lira (lm) in 1983, is divided into 100 cents and 1 cent into 10 mils. In November 1972, the first series of the Malta Numismatic Gold and Silver Sets were issued. These coins and those of subsequent issues are legal tender.  The first of May 2004 marks another memorable milestone in the chequered history of Malta when the islands took their place with nine other countries in an enlarged European Union of 25 members.   The first steps of Malta's long road to EU membership were taken in 1970 when an Association Agreement was singed with the then European Economic Community (EEC). An application for EU membership was filed in July 1990. Accession negotiations began in February 2000 with the objective of securing membership while at the same time safeguarding Malta's vital economic and social interests as a small island state. The negotiations were successfully concluded in December 2002. Following the general elections of April 2003, which confirmed the referendum vote, Malta signed the Treaty of Accession on April 16 of that same year in Athens.