Andorran monetary agreement's entry in force likely as of 1 January 2012

Despite all bad signs, as it seems, we will have a newcomer in 2012.

The Andorran government pressed for an agreement lately and now it seems that the signature is only a question of weeks. However, ratification is not sure in the Principality, as new elections will be holded before the vote. The current Socialist party and the main opposition Reformist Coalition are likely to get the two thirds of the mandates, which is required to adopt the agreement. The Reformists did not say they'll vote it until now (they don't like that the signature will happen before the elections) but they're informed about the negotiations and I think the style of their comments shows that they will adopt it as well. The co-princes of Andorra are also in favour. Negotiations were held in Brussels on 26th and sources say that the agreement can enter into force on 1 January 2012.

"What sets the text, in short, is that Andorra will have the right to use the euro as official currency and coins issued within certain limits. In addition, financial institutions have access to payment systems and management of the euro area and are subject to the same regulations that apply to the banking sector in the European Union. The agreement also oblige Andorra to transpose European legislation to its Law on prevention of money laundering, fraud and forgery, rules on banknotes and coins, banking and financial legislation on the collection of statistical data."

Links (translated by Google from Catalan):

That means a new set of euro coins from 2012. (And I think the new rules will apply them, so it will be easy to meet Andorran euros in circulation.) And minus one tax haven for rich Europeans.

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Comment by Ctirad on January 31, 2011 at 8:09
The European Commission will decide June / July 2011
Comment by putson on January 29, 2011 at 8:05
That is great news! I hope that coins from Andorra will not be so expensive as the Vatican and Monaco I hope that price will be something like San Marino!
Comment by Marcell Manfai on January 28, 2011 at 22:29
Well, Andorran coins will appear in circulation, as this is a condition in new agreements with microstates. Whether sets or commemoratives will have a small number, I don't know. Andorra is the biggest microstate in Europe, so there's a chance it will have bigger mintages than the others.
Comment by Ctirad on January 28, 2011 at 22:21
I think, Andorra will have very small mintages, less than monaco or vatican
Comment by Ctirad on January 28, 2011 at 18:33
it's perfect, it'll be other country for € and for collector 2€
Comment by Marcell Manfai on January 28, 2011 at 14:58

As I understood, the agreement would come into force on 1 January 2012.

The Andorran switch to the acquis regarding the financial sector would happen in three stages until 2014, 2016 and 2018, respectively.

That, as I see, would mean that Andorra will have the right to issue coins from the next year.

Comment by Thanasis Sk. on January 28, 2011 at 9:30

I think it is going to take longer than 2012, According to the  following news site from Andorra.

(translated by google)

Comment by Illioplius on January 28, 2011 at 1:33
Good news! However, will this be profitable for Andorra?

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