San Marino has just negotiated a new monetary agreement with the European Union. According to the new agreement;
1) The annual ceiling for the issuance of euro coins by the Republic of San Marino shall be calculated by the Joint Committee as the sum of:
— a fixed part, whose initial amount for the first year following the entry into force of the new Agreement is set at EUR 2 600 000. The Joint Committee may revise annually the fixed part with a view to taking into account both inflation — on the basis of the HICP inflation of Italy in the last 12 months for which the data are available at the moment of the calculation — and the possible significant trends affecting the euro coins collector market,
— a variable part, corresponding to the average per capita coin issuance of the Italian Republic in the last 12 months for which the data are available multiplied by the number of inhabitants of San Marino.
2) At least 70 % of euro coins intended for circulation shall be put into circulation at face value as of the year following the entry into force of the new Agreement. This proportion shall reach 80 % after three years.
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