Launch of a €2 Commemorative Circulating Coin to mark Ireland’s Presidency of the Council of the European Union, Governor Gabriel Makhlouf

Good morning everyone.

I am delighted to be joined this morning by the Tánaiste and Minister for Finance for the launch of a commemorative circulating coin to mark Ireland’s Presidency of the Council of the European Union.  The coin will circulate across the euro area, reflecting our place at the heart of Europe and our commitment to the European project.

I am also delighted to welcome guests from the Department of Finance and the Department of Foreign Affairs who have been working on preparations for the Presidency and who are now leading significant aspects of this important work over the next six months. The Central Bank is proud to be lending our support to the delivery of a successful Irish Presidency at a pivotal time for Europe, including supporting the Department of Finance on a number of key legislative files.

Ensuring continuity of European lawmaking, addressing the common concerns of citizens across Europe and standing firm on Europe’s values is a responsibility not to be taken lightly.  But it is also an opportunity to help Member States find common ground, to address the challenges facing Europe, and ensuring the Union continues to deliver for all its citizens.

In particular, it is an opportunity to help Member States make real progress in deepening the single market in goods, in services and in capital.  The impact on the prosperity, economic resilience and wellbeing of Europe’s citizens and businesses which will result from a stronger, more liquid EU capital market, the enabling framework for a Digital Euro, a better-functioning securitisation market, a competitive banking sector, and stronger retail investment participation, should be significant.  I welcome the clear commitment from the Government to advance these objectives in line with the One Europe, One Market Roadmap.

Turning to the reason that we have come together today, I am delighted the Central Bank has the opportunity to mark the significant national moment of the Presidency in the form of a circulating coin.  Alongside other government outreach initiatives such as the County Pairings Programme, the Communicating Europe Initiative and the Presidency Cultural Programme, the coin will be a symbol in people’s pockets of Ireland’s Presidency and a reminder of how Europe impacts our lives. 500,000 Presidency coins will enter circulation this week.

The coin features the official Presidency logo, which draws inspiration both from scientific discovery and Ireland’s artistic heritage.  It represents the spiral structure of the nebula, first identified in Ireland in the 1840s using the Great Telescope at Birr Castle, built by third Earl of Rosse. The Central Bank is no stranger to the residents of Birr Castle, having minted a collector coin to commemorate the son of the third Earl, Sir Charles Algernon Parsons, inventor of the steam turbine.  But back to this coin!  The pattern is also inspired by Irish sculptural work reflecting a connection with ancient Irish symbols, reinterpreted through a modern lens.  Each individual arm of the spiral features 27 discs which symbolise the 27 EU Member States. The resulting space at the centre forms a five-point star, a symbol from the EU flag.

To conclude, I would like to thank the many people who have helped to make today’s launch possible, not least the Central Bank’s Currency Centre team for their continued leadership of the collector coin programme, to John Ó Liodáin and team at the Department of Foreign Affairs and Trade, the designers of the Presidency logo and to the Collector Coin Advisory Group, whose guidance helps shape the themes and subjects we commemorate.

Tánaiste, thank you for joining us today.  It is a pleasure to welcome you to the Central Bank to launch this coin as Ireland starts its Presidency of the Council of the European Union.