Article 128 [The Euro Currency]

Article 128 TFEU goes back to Article 105a TEC-Maastricht and has not been amended since then. Like Article 133 TFEU (➔ Article 133 TFEU para 8), Article 128 TFEU can be seen as a provision to serve the single-currency status of the euro and the singleness of monetary policy. The provision deals with the legal-tender status within the Union, governs the issue of the euro as cash (i.e. banknotes and coins) and ascribes the competences for this issue. In this respect, the provision distinguishes between banknotes and coins. While the issue of banknotes is governed by Article 128.1 TFEU, the issue of coins falls under Article 128.2 TFEU. The issue of banknotes is also governed by Article 16 of the ESCB Statute, which supplements Article 128.1 TFEU. By contrast, the issue of coins is not dealt with in the Statute. Pursuant to Article 139.2 point (d) TFEU, Article 128 TFEU is not applicable to non-euro-area MS.