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. Last Updated: 07/27/2016

EU Moves to Stamp Out Euro Forgery

BRUSSELS, Belgium -- Europe's authorities must take urgent steps to stamp out forgery of euro notes, particularly if the euro is to gain in international standing, the chair of a key European Parliament committee said Monday.

Christa Randzio-Plath said parliament's influential Economic and Monetary Affairs Committee would take up the matter with European Central Bank President Wim Duisenberg when he appears before the committee on Sept. 10.

"It beggars belief that the counterfeiters have managed to replicate euro notes so quickly and efficiently, given the supposedly fakeproof security features that we were told had been embedded in the design of our euro notes," she said.

EU law enforcement agency Europol said last month that police had seized more than 16 million euros in fake notes and shut down 15 counterfeiting operations. While the haul represented a tiny proportion of the more than 8 billion euro notes in circulation, Europol had warned holidaymakers in Europe to watch what they had in their wallets.