الملاحظات

سِحْر النقود

الفصل الأول: مِن «الأوبيلوس» إلى «النقد الإلكتروني»

(1)

Samthaber, Ernst: Das Geld—eine Kulturgeschichte, Keysersche Verlagsbuchhandlung, Munich, undated.

(2)

An impressive account of the beginnings is offered by Origo, Iris: The Merchant of Prato, Francesco di Marco Datini, The Reprint Society, London, 1959.

(3)

Spain honored this achievement in an unusual way. When the Spanish central bank, Banco de Espana, issued the first banknote in the world with an image of an historical personality, it did not choose for this purpose a famous Spaniard, but rather Gutenberg. This choice of a foreigner remained the unique instance in the history of banknotes; see also Brion, René et Moreau, Louis; Le billet dans tous ses États, du premier papier-monnaie à l’Euro, Fonds Mercator, Anvers 2001, p. 49.

(4)

North, Michael: Das Geld und seine Geschichte, vom Mittelalter bis zur Neuzeit, Verlag C.H. Beck, Munich, 1994.

(5)

The Bank of England, the “mother of all central banks,” was not nationalized until 1946. It also experienced liquidity pinches and payment interruptions, although in the final analysis it met every repayment obligation in its history of more than three hundred years.

(6)

See also: Binswanger, Hans Christoph: Geld und Magie: Deutung und Kritik der modernen Wirtschaft, Edition Weitbrecht, Stuttgart 1985, as well as Schöne, Albrecht: Johann Wolfgang Goethe—Faust, vol. II, Kommentare, fifth edition, Insel Verlag, Frankfurt 2003.

(7)

Galbraith, Kenneth John: Money, whence it came, where it went. Bantam Books, New York, 1975. See also: Goodwin, Jason: The Almighty Dollar and the Invention of America, Henry Holt and Company, New York, 2003.

(8)

Benjamin Franklin’s newspaper, Pennsylvania Gazette, excused itself to its readers in 1736 for its irregular publishing schedule with the unusual explanation that its publisher, Franklin—and his printing press—were currently fully occupied with the printing of paper money to promote the public good, as quoted by Galbraith, loc. cit., p. 66.

(9)

Galbraith: Money …, p. 71.

(10)

Von Hayek, Friedrich A.: Entnationalisierung des Geldes. Eine Analyse der Theorie und Praxis konkurrierender Umlaufmittel, J.C.B Mohr, Tübingen, 1977.

(11)

With more than 300000 banknotes, Munich’s GSS ranks among the three largest collections of banknotes in the world beside the Smithsonian Institution in Washington and the British Museum in London. Since the Bayerische Hypotheken- und Wechsel-Bank once had the privilege of issuing money, its GSS institute still automatically receives gratis from central banks today a reference specimen of every new banknote. This is done, moreover, with proprietary reservations: In the event that GSS is dissolved, all notes must be returned to the central banks that issued them. Unfortunately, the public has only limited access to this collection of monetary paper.

(12)

See also Gabriel, Gottfried: Ästhetik und Rhetorik des Geldes, frommann-holzboog Verlag, Stuttgart-Bad Cannstadt, 2002.

(13)

The Grand Duchy of Finland, which belonged to the czarist empire, was permitted to issue its own banknotes starting in 1860. Today’s Setec OY was founded in 1885 as a banknote printer.

(14)

See Brion et Moreau: loc. cit., pp. 37, 41.

(15)

Frankfurter Allgemeine Zeitung, April 30, 2003.

(16)

Financial Times, Oct. 4, 1999.

(17)

Süddeutsche Zeitung, June 25, 2003.

(18)

Deysson, Christian: “Geld. Schöner Schein,” in: Wirtschaftswoche, Vol. 28 of July 3, 2003.

(19)

Jordan, Jerry L., presentation at the conference, The Future of Money in the Information Age, Cato Institute’s 14^th annual monetary conference, May 23, 1996. The British company Air Miles, for example, offered in autumn 2003 to convert accumulated gifts of air miles into “money” that would be stored on a chip card. This virtual money could then be used freely to pay for flight, hotel or car-rental bookings. See also: International Herald Tribune, Nov. 21, 2003.

(20)

Gladisch, Erwin et al.: Münzgeldentwicklung in Deutschland. Eine empirische Studie über den Münzgeld- und Banknotenumlauf in der Bundesrepublik Deutschland mit einer Prognose der Münzgeldnachfrage bis 2007, Deutsche Bundesbank, 2003.

(21)

Deysson, loc. cit.

(22)

England, Catherine: The Future of Currency Competition, paper presented at the conference, Cato Institute, loc.cit.

(23)

Ferguson, Thomas A.: U.S. Currency and the Next Millennium; Currency Conference, Cape Town, May 24–27, 1998; Ferguson left the BEP after 32 years of service in January 2006.

الفصل الثاني: سبب خصوصية سوق طباعة النقود

(1)

The professional gatherings of this branch of industry are the Banknote Conference, always held in Washington and oriented mainly toward the production of banknotes, and the Currency Conference, which concentrates more on the machinery for processing banknotes. The international police organization Interpol, which has the war against counterfeiting as one of its most important missions, also holds a conference for its 183 members every four years on this special subject. The interval between Interpol conferences was recently shortened by one year because of the mounting danger of counterfeiting.

(2)

125 Jahre Wertpapier- und Banknotendruck im Spiegel der politischen und wirtschaftlichen Entwicklung Deutschlands. Ein Bericht aus Anlaβ des 125-jährigen Bestehens der Firma Giesecke & Devrient, Munich, June 1, 1977.

(3)

Bloom, Murray Teigh: The Brotherhood of Money. The Secret World of Bank Note Printers, BNR Press, Port Clinton, Ohio, 1983.

(4)

Report, the magazine of Giesecke & Devrient, 2002/03, p. II ff.

(5)

“Der vielseitige Wertpapierdrucker,” published in: Der Schweizerdegen, vol. XII, Art. Institut Orell Füssli AG, Zürich 1949.

(6)

This possibility, which had previously existed in Europe only in Switzerland and Spain, was created for the euro zone by the ECB in May 2002. See the decision of the ECB Council on a “Framework for the operation of combined electronic payment acceptance and disbursement machines (cash-recycling machines) for banks and other organizations in the euro currency zone, whereby the functions of which machines include the handling of banknotes and their disbursement to the public,” dated May 24, 2002.

صُنَّاع النقود (الجزء الأول)

الفصل الثالث: كيف حقَّق السنيور جوري احتكارًا عالميًّا بطابعاتِهِ؟

(1)

The government enterprise is now officially designated Casa Real—Moneda y Timbre.

(2)

In the lobby of the headquarters of Koenig & Bauer there stands a marble stele with a plaque with golden letters recalling Gualtiero Giori, a gift from Giori to his business partner.

(3)

The kilogram of the steelplate intaglio machine should cost 9.24 Deutschmarks and the kilogram of the simultaneous dry-offset machine 10.50 Deutschmarks.

(4)

The cylinder pressure can indeed scarcely be measured, and the cited value serves mainly promotional purposes. The cylinder pressure of 1000 kilograms per centimeter ofline on the paper is technically certified.

(5)

Engineer Ivan Orlof developed in 1886 a new technology for simultaneous, multicolor printing for the czarist banknote printing facility in St. Petersburg. It had been founded in 1819 in response to counterfeit ruble notes broadly circulated by Napoleon. The technology was also successful abroad, making Orlof rich. The first engraved printing machines using the further developed “Orlof technology,” in which the ink is transferred indirectly to the banknote paper with a rubbercoated roller, was introduced to the market by Koebau-Giori in the beginning of the 1980s and first delivered in 1986 to Gosnak.

(6)

Gualtiero Giori later signed over his stake holding in Koenig & Bauer to his first-born daughter, Daniela. She promptly sold the block of stock, much to the ire of her father. Part of it fell into the hands of the Italian investment bank Mediobanca S.A. De La Rue divested its Koebau stock in March 2002, a year after it withdrew from the joint venture and just days before closing its financial accounts for the business year 2001. Despite the steep decline in share prices, which also affected the Koebau share in the wake of the exchange crisis, the business report still showed that it grossed earnings of 13.7 million pounds sterling and made an extraordinary profit before tax of 9.5 million pounds sterling.

(7)

The Buy American Act is one of those—not really so—invisible trade barriers, which the Americans are otherwise zealously combating. Many countries certainly use dirty tricks in their public procurement programs. The EU is now trying to clean up its act.

(8)

It was immediately sold by the heirs, the expensive interior appointments auctioned by an auction house in Monte Carlo.

(9)

One could have searched the archives in vain for a photograph of Roberto Giori—until the turn of the year 1999/2000 and a vacation trip taken by Roberto Giori, with major consequences. Since his private plane had had a technical problem, he took a commercial airliner. He was among the passengers of Indian Airline Flight 814, which was hijacked by Islamic terrorists on its return flight to New Delhi from Katmandu in Nepal and held for a week at an airport in Afghanistan. The “currency king” (Time Asia) probably could have paid the ransom they demanded from his pocket money. But luckily the hijackers did not learn who this passenger with the Swiss passport was.

الفصل الرابع: لماذا حقَّق السيد عمون النجاح ذاته بحبر الطباعة؟

(1)

Frankfurter Allgemeine Zeitung, Nov. 10, 1997.

(2)

Sindh High Court, verdict of Sept. 14, 1999.

(3)

Special Audit Report on Joint Venture between SICPA Holding S.A., Lausanne, Switzerland, and Pakistan Security Printing Corporation, Karachi; Special Audit Report Series 18; Auditor General of Pakistan. Islamabad, October 1998.

(4)

Ibid., pp. 2 and 18: “SICPA … came into a position, wherefrom it could force PSPC to roll back its advancements in developing P-5 Intaglio quick set inks.”

(5)

Journal de Genève, June 29, 1996.

(6)

L’Agefi, Lausanne, July 29, 1996.

صُنَّاع النقود (الجزء الثاني)

الفصل الخامس: ما الذي أذهب هالة شركة دي لا رو الإمبراطورية؟

(1)

Exchange-listed De La Rue plc. reported for the business year ended with March 2005 a further slight decline in sales to 643.2 million pounds sterling (948 million euros), with 6200 employees. But it said that it had more than doubled its pre-tax profit to 49 million pounds sterling (72.2 million euros) and nearly tripled its net profit to 32 million pounds sterling (47.2 million euros). With its limited disclosure requirements, Giesecke & Devrient GmbH said it had raised its group sales for 2004 by 10 percent to 1.16 billion euros, with 7300 employees. This company succeeded at the same time in lifting its earnings before interest and taxes by 40 percent to 69.7 million euros, while netting profit of 38.4 million euros, an increase of at least onethird from the previous calendar year.

(2)

The author thanks James C. Warren, the last living member of Ed Tenenbaum’s former team, for the details of this episode, not exactly an every-day occurrence in the history of banknotes.

(3)

The stake holding taken in 1994 most recently had to be reduced to 20.0 percent in 2000 from the previous 26.67 percent.

(4)

Arjo-Wiggins, which has experienced changing fortunes on the market for banknote paper, is controlled by the Italian industrial family of Agnelli, of Fiat fame. Apart from its Brazilian paper plant Saldo, Arjo-Wiggins acquired the struggling Dutch company Van Houtum & Palm (VHP) of Ugchelen just before the start of euro printing. VHP, which had supplied the Dutch guilder paper exclusively for more than 120 years, fell victim to its own ruinous price war on the export market.

(5)

The rejection of all competition in its own country did not prevent Crane & Co. from taking over the state-owned Swedish paper manufacturer and banknote printer Tumba Bruk at the end of 2001. Struggling financially but well equipped with machinery, Tumba was supposed to provide access to new technology—broad security threads and production with silk screens. It was also supposed to open the market for euro paper. The U.S.-Swedish “cohabitation” has been proving onerous, however.

(6)

The Berkshire Eagle, May 22, 1997.

(7)

The research facilities of De La Rue and Portals were not actually combined until years later as part of austerity measures.

(8)

The highest zloty denominations are again printed by De La Rue, however.

(9)

Orrel Füssli is a high-security printer and book publisher at the same time. Thanks mainly to well-paid Swiss banknotes, the company in 2004 made estimated sales of 75 million CHF with an output of around 500 million banknotes. Orrel Füssli makes most of its money, however, with specialized application machinery for banknote printing. Joh. Enschedé gives for the “very difficult” year 2004 business year sales of around 20 million euros in banknote printing, on 500 million banknotes produced. The Dutch company, which also prints stamps and commercial products, closed the year with a loss and had to enter a drastic restructuring program.

(10)

Although Orell Füssli is listed on the stock exchange, Switzerland’s national bank has long held a stake of one-third. This stake was exempted from a curtailment of voting rights, which otherwise applied to the share. The national bank has since sold its participation. On the other hand, France’s Francois Charles Oberthur, in spite of being heavily indebted to its banks, has gone on the stock exchange only with its subsidiary, FCO Card Systems, which in turn has sold only part of its capital to the public.

الفصل السادس: كيف تُناضِل جيزيكه أوند ديفريَنت في سبيل القيادة التكنولوجية

(1)

From the many publications on the background of this counterfeiting operation, see the factual report of a concentration camp inmate who was forced to work there, namely Burger, Adolf: Des Teufels Werkstatt. Die Geldfälscherwerkstatt im KZ Sachsenhausen, Verlag Neues Leben GmbH, expanded edition, Berlin 1999. On the foreign aspects, see Elam, Shraga: Hitlers Fälscher. Wie jüdische, amerikanische und Schweizer Agenten der SS beim Falschgeldwaschen halfen, Verlag Carl Ueberreuter, Vienna 2000. On the attempts to play down this crime, see Hagen, Walter: Unternehmen Bernhard. Ein historischer Tatsachenbericht über die gröβte Geldfälschungsaktion aller Zeiten, Verlag Welsermühl, Wels und Starnberg, 1955. Behind the expressively obscure pseudonym “Hagen,” according to information from the Vienna document archive of the Austrian resistance, was an SS lieutenant colonel, Dr. Wilhelm Höttl, who was personally deeply implicated in the crime.

(2)

Otto later had lively business contacts with the Soviet Union. In a bargaining session he once sat across from a Soviet general, who had fought on the other side at the same time on the same segment of the front line. The two men got along famously, eyewitnesses said later.

(3)

Information from the Berlin federal archive, Department III, letter of Feb. 20, 1996.

(4)

Joseph A. Schumpeter developed the idea of the “dynamic entrepreneur,” who drives the economy ahead with his passion for innovation, for the first time in his standard work: Theorie der wirtschaftlichen Entwicklung, 1912. Further refined in Capitalism, Socialism and Democracy in 1942, this proposition was celebrated particularly during his exile in the United States.

(5)

Frankfurter Allgemeine Zeitung, Sept. 23, 1952.

(6)

Ibid., Oct. 11, 1955.

(7)

This segregation of German and export notes in the printing plant of Giesecke & Devrient has long since ceased. The printing presses have to be busy. But even today every request by outsiders to tour the printing hall has to be presented to the Bundesbank for prior authorization.

(8)

Otto was backed here by Eckhart van Hooven, who was at that time chairman of the supervisory board of Giesecke & Devrient and a managing board member responsible for business with private customers at Deutsche Bank. Van Hooven had recognized that the Eurocheque system would force customers of his bank to keep corresponding balances in their checking accounts. The bank could work in its own favor with this money, which drew low interest. Eurocheque also cemented ties to customers.

(9)

The new paper factories built by Louisenthal were three each in China and Russia and one each in Iran, Korea, Spain, Uzbekistan, and Poland. Tumba Bruk of the Swedish Reichsbank and Vic-le-Comte of Banque de France were modernized by Louisenthal. Contracts with Indonesia and the Philippines were cancelled because of financing problems. The paper machinery came from Dörries, today Voith-Heidenheim. On the other hand, Giesecke & Devrient built only four banknote printing facilities abroad: in Egypt, Rhodesia, Burma, and Zaire. The printing machinery always had to be purchased for these from Koebau-Giori.

(10)

The Swedish company ID-Kort A.B. in Solna stumbled upon the isotope Barium 234 at about the same time in its search for a counterfeit-proof marker in the magnetic range for the evolving bank and identification cards. The Swedes had to give up this project, however, because of the population’s fear of supposedly threatening radioactive contamination by this isotope. The process was later taken over by the U.S. military.

(11)

Bloom: The Brotherhood of Money, p. 75.

(12)

The machinery line designation ISS, international security systems, was changed at the start of the 1990S to BPS, banknote processing systems, because there was a fear that the letters “SS” in the designation might call forth a negative reaction in foreign markets.

(13)

In the course of their research journalists discovered, for example, that Giesecke & Devrient had not filed its financial statements with the commercial court for a decade as is required by law. Such details contributed substantially to the bad publicity.

(14)

Der Spiegel, no. 1/1996.

(15)

Deutsche Bundesbank, press release of March 4, 1996.

(16)

Der Spiegel, no. 50/1995.

(17)

Ibid., no. 49/1995.

(18)

Czerwensky Intern, no. 101 of Dec. 12, 1995.

(19)

Süddeutsche Zeitung, June 7, 2002, and Aug. 5, 2002.

(20)

Giesecke & Devrient’s own production of chip cards in 2004 came to 370 million cards, of which 236 million were microprocessor cards. In the cards division, which includes services as well as chip cards, Giesecke & Devrient made sales of 570 million euros. Industry leader Gemplus had sales of 865 million euros.

شركات خاسرة

الفصل الثامن: ما دفع المطبعة الاتحادية الألمانية إلى شفا الخراب

(1)

Manager Magazine, 11/20.

(2)

Die Bundesdruckerei—Zukunft aus Tradition. Das neue Wertdruckgebäude der Bundesdruckerei in Berlin. Undated special document of Bundesdruckerei.

(3)

El Nacional, July 12, 1997; Quinto dia, July 25, 1997; 2001, Sept. 19, 1997.

(4)

The Guardian (Lagos), Sept. 7, 2001.

(5)

Deutsche Presse-Agentur report of July 30, 2000.

(6)

Federal German finance ministry; printed minutes of the meeting of the budgetary committee on Nov. 16, 2000, on the status of the privatization of Bundesdruckerei GmbH.

(7)

Interview in Sicher, the magazine of the Bundesdruckerei group, March 2001.

(8)

Authentos’ agenda for its task force “Groupwide restructuring and governance,” Oct. 10, 2001.

(9)

FAZ, Feb. 1, 2002.

(10)

Financial Times Deutschland, Aug. 28, 2003.

(11)

FAZ, Aug. 2, 2002.

(12)

Berliner Morgenpost, Nov. 29, 2003.

(13)

Times Online, December 08, 2005.

الفصل التاسع: كيف بدَّدتْ تشيكوني كالكوجرافيكا رأسمالها الائتماني

(1)

Asian Wall Street Journal, Oct. 10, 2000.

(2)

See also FAZ of Jan. 3, March 11, and April 27, 1967.

(3)

The facility had been mothballed by the Mexican central bank. It was later sold to Jinchen Ciccone Beijing Security Printing Co. Ltd., a joint venture of Ciccone Calcográfica and the Chinese government for the purpose of producing passports and other travel documents.

(4)

These machines came from Banca d’Italia, Orell Füssli, Bundesdruckerei, and even the former VEB Wertpapierdruck of Leipzig. All four have bought new plants.

(5)

Argentine journalist Miguel Bonasso has taken a critical look at Yabran and his machinations. Beyond this specific link, the book is helpful for understanding Argentina’s problems today. Bonasso, Miguel: Don Alfredo, Editorial Planeta Argentina S.A.I.C., Buenos Aires, 2000.

(6)

Both licenses had to be sold in 1998 in order to retire bank debts.

(7)

Yabran supposedly had for a time a personal financial stake in the printer because the shares of the Ciccone brothers had been signed over to him as collateral. The brothers dispute that. Economics Minister Domingo Felipe Cavallo, who had made this assertion in parliament in 1995, later had to withdraw his comment.

(8)

Seven denominations for Zaire, eight for Angola, two for Paraguay, one for Bahrain, two for Argentina, and one for Uruguay.

(9)

Although there were an estimated 21.6 million residents in 1970s, the population had risen to an estimated 52.0 million by 2000.

(10)

When army boss Joseph Désiré Mobutu came to power in 1967, one dollar cost only one zaire. Four million zaires had to be paid for one dollar in 1994. The self-aggrandizing Mobutu set records in not only currency devaluation but also in banknote design. Of a total of 79 types of banknotes issued during his reign over the government, his portrait adorned 71. No other tyrant, not even Saddam Hussein, managed that. See also: Rebeyrolles, Jean: La folie des Billets De Banque, Édition Flammarion, 2001.

(11)

In the 1980s Erwin Blumenthal, who came from Deutsche Bundesbank and ran the liaison office of the International Monetary Fund in Zaire in 1979 and 1982, wrote a report in which he assailed the mismanagement of the economy and “kleptocracy” in Zaire. The “Blumenthal Report” must have been devastating. It received the IMF’s very rare classification of “secret” and is among the very few IMF documents that—despite persistent efforts, even by this author—have not been released even today.

(12)

Casa de Moneta Argentina has never printed for Zaire, although the collectors catalog asserts this. See also: Standard Catalog of World Paper Money, Modern Issues 1961—Date, Volume Three; edited by Neil Shafer & George S. Cuhaj, Krause Publications, lola, Wisconsin, 2002.

(13)

Naim Khanaffer and his Egimex were later identified by a UN commission as being among the principles responsible for the looting of Congolese resources with occupation troops from Burundi, Ruanda, and Uganda. See also: DRC UN Report of the Panel of Experts on the Illegal Exploitation of Natural Resources and Other Forms of Wealth of DR Congo; UN Security Council, Dec. 4, 2001.

(14)

See also Le Monde of June 23 and July 20, 1999, as well as of Jan. 8, May 25, July 15, and Nov. 8, 2002. On the same subject see Singapore’s Strait Times of Nov. 7, 1999.

(15)

For the details of this counterfeiting scandal, see Bloom, Murray T.: Der Mann, der Portugal Stahl, Der gröβte Schwindel aller Zeiten, Rororo special edition for Bundesdruckerei, Rowohlt Taschenbuch Verlag GmbH, Reinbek bei Hamburg, 1973.

(16)

Since there had already been frictions between Ciccone Calcográfica and De La Rue in the past, Ciccone cited these personnel links as “proof” of a plot against it by the English competitor.

(17)

Following several assassination attempts in Paris, the last one in late autumn 2002, the “dissident and embezzler”—“dissident et escroc,” as the daily Le Monde called him—was shot to death by hit men in August 2004 on the Spanish Costa del Sol; Le Monde, Aug. 18, 2004.

مخاوف تتعلق بالنقود

الفصل العاشر: لماذا أصبح اليورو منجم ذهب لصُنَّاع النقود؟

(1)

Only eleven countries initially joined the currency union: Belgium, Germany, Finland, France, Netherlands, Ireland, Italy, Luxembourg, Austria, Portugal, and Spain. Greece became the twelfth member on Jan. 1, 2001.

(2)

Actually a river, Bonanza Creek in Canada’s Yukon Territory became the scene of a real gold rush when gold was discovered in its bed in 1896.

(3)

Bloom, Murray T.: Der Mann, der Portugal stahl, loc. cit.

(4)

Swiss high-security printer Orell Füssli AG of Zurich obtained 76 percent of the capital of Atlantic Zeiser from an investment firm in 2002. The rest of Atlantic Zeiser’s capital was held by its management. The purpose of the cooperation was the development of new security features for identifying documents. The market for numbering devices was regarded as saturated, however.

(5)

The 150-year-old family company, once the world market leader in machines for printing forms and stamps, had to seek insolvency protection at the end of 2000 after a long agony. Parts of the company were acquired by a Dutch investor. The company today is called Drent Goebel and continues to build its full line of machinery.

(6)

The Algerian state printing plant bought a new web press from Drent Goebel in 2004.

(7)

In the 19th century France was regarded as not only the center of engraved printing from copper and steel plates. “École francaise du billet de banque,” the French school of banknote printing, is also impressive for its graphics even today, with its imaginative and vividly colorful allegories.

(8)

For its last series of guilder notes before the introduction of the euro, the Netherlands did indeed choose abstract themes from architecture and geometry. But this was an exception.

(9)

Bruckner, Pascal, “Sommes-nous devenus suicidaires?” Le Monde, June 30, 2005.

(10)

Giesecke & Devrient counts public money dispensing machines of banks as a separate level of security inspection. Therefore it uses four categories. On this subject, see Prell, Jan Hendrik: Giesecke & Devrient 1852–2002: Werte im Wandel der Zeit, Deutsche Sparkassen-Verlag, Stuttgart 2002.

(11)

Security thread was developed by technicians of Bank of England and Portals shortly before the outbreak of the Second World War as protection against economic sabotage by Germany. It was originally made of metal.

(12)

See also Renesse, Rudolf L. van, editor: Optical Document Security, second edition, Artech House, Boston-London 1997.

(13)

Depending on the angle from which it is viewed, the OVI ink appears purple-red, olive green, brownish, or shimmering bronze. This colorshifting ink can be found at the bottom right in the large numerals of the 50, 100, 200, and 5oo-euro denominations on the reverse side of euro notes.

(14)

This special ink is now employed on the reverse side of the euro notes on a precisely appointed spot so that the sensors can easily detect it.

(15)

FAZ, July 11, 2000.

(16)

FAZ, March 19, 2001.

(17)

The assumption was not at all unrealistic. At the end of the first quarter of 2002 only 8.1 billion of the total of 15 billion banknotes for the first installment of supply had been issued.

(18)

Report, the magazine of Giesecke & Devrient, 02/03.

(19)

http://wikipedia.t-st.de/data/Eurobanknoten or also www.schlaufuchs.at.

الفصل الحادي عشر: لماذا يواجه اليورو مشكلة تتعلَّق بالأمن؟

(1)

Persijn, Alexander and Jungmann-Stadler, Franziska: Kostbarkeiten aus der HYPO-Geldscheinsammlung, Heinrich Gietl Verlag, Regenstauf, 1994.

(2)

Church, Sara E. et. al.: Counterfeiting and Digital Technology, lecture at Banknote 2000, Washington, D.C.

(3)

Press release of Bank for International Settlements, March 9, 2004.

(4)

Walter, Norbert and Becker, Werner: Der Euro: Fest im Sattel als Reservewährung, Deutsche Bank Research, EU-Monitor 28, Sept. 30, 2005.
See also: “Review of the international role of the euro.” European Central Bank (ECB), January 2005.

(5)

Introduction of the euro is planned by Estonia, Lithuania, and Slovenia for Jan. 1, 2007; by Latvia, Malta, and Cyprus for Jan. 1, 2008; by Slovakia for Jan. 1, 2009. Hungary and the Czech Republic want to introduce the euro in 2010. Poland and Sweden, which has a deferment, have set no date. Report of the EU Commission to the Council, the EU parliament, the EU economic and social committee, the committee of regions, and ECB, KOM (2005) 545 final on Nov. 4, 2005.

(6)

ECB Annual Report 2004, p. 100.

(7)

IMF Annual Report 2005.

(8)

Karczmar, Mieczyslaw: The U.S. balance of payments: widespread misconceptions and exaggerated worries, Deutsche Bank Research, International Topics, Sept. 30, 2004; see also Solomon, Robert: “Policy Brief no. 42,” Jan. 1999, Brookings Institution.

(9)

Lambert, Michael J. and Stanton, Kristine D.: “Opportunities and Challenges of the U.S. Dollar as an Increasingly Global Currency: A Federal Reserve Perspective,” in: Federal Reserve Bulletin, September 2001, p. 571.

(10)

Ibid.

(11)

The first case of government counterfeiting of coinage was reported in the year 524 BC: Polycrates, at that time the ruler of the isle of Samos in the Aegean Sea, is said to have bribed the Spartan army into lifting its siege of Samos with phony coins of lead. His idea found many imitators in Greece, Rome, and Europe of the late Middle Ages. The British embellished warfare with bogus money and then paper money. As described, phony notes were used as a weapon in the American Revolution. Napoleon later counterfeited the paper money of the Hapsburgs and of the czarist Russian empire. And Hungarian irredentas led by Minister Ludwig von Windischgrätz after the First World War sought to finance the struggle for the recovery of territory lost to Hungary in the peace treaty with counterfeit banknotes. The Nazis, however, undertook the most perfidious attempt at this type of economic warfare with their Operation Bernhard. The Albanian master spy Elyesa Bazna, aka “Cicero,” was paid with counterfeit pound sterling notes from a workshop in the Sachsenhausen concentration camp. Cicero served the British ambassador in Turkey. The bogus pound notes were also used to free Mussolini from captivity in the Apennines. And they were used to buy important war materials by lavishly bribing corrupt captains in Portuguese ports to sell cargoes earmarked for the Allies to Nazi Germany. In his book Promises to Pay, Derrick Byatt says that a total of 9 million bogus British pound notes with a combined face value of 134.5 million were printed in Sachsenhausen. This was a huge amount of money in those days. After the end of the war, the Bank of England sought to quantify the damage to the British economy in the Reeves Report, named for a member of the investigating commission from its own banknote printing plant. This secret report with its alarming conclusion is today officially said to have disappeared. The concentration camp’s excellent counterfeit notes forced the central bank to declare as invalid a complete series of white pound notes printed on one side.

(12)

See www.fedpol.ch.

(13)

According to the German Ministry of the Interior, ECB in 2004 registered 887085 instances of bogus euro cash, an increase of 38 percent from 2003. Internet press release of the Ministry of the Interior, July 12, 2005.

(14)

In the period January to September 2005, 629000 counterfeit euro banknotes with a total face value of 42.7 million euros were registered. Of these, 243000 bogus bills with a total face value of 20.3 million euros were confiscated by the police. In the period January to September 2004, 574000 counterfeit euro banknotes with a total face value of 35.0 million euros were registered. Of these, 142000 notes with a total face value of 9.4 million euros were confiscated by the police. Of the 629000 bogus notes mentioned for the period January to September 2005, 220000 were found in Italy; 110000 in France; and 80000 in Spain. Apart from the rising number of counterfeit notes, the sharp rise in the face value is particularly conspicuous. More and more excellent counterfeit euros with high denominations are finding their way to Euroland from eastern Europe especially.

(15)

Von der Baumwolle zum Geldschein, eine neue Banknotenserie entsteht, 2d edition, Deutsche Bundesbank, Frankfurt, 1996.

الفصل الثاني عشر: طِباعة اليورو … إلى أين؟

(1)

Report of the government accounting office. Oesterreichische Banknoten- und Sicherheitsdruckerei GmbH, Reihe Bund 2005/11.

(2)

De La Rue and Francois Charles Oberthur Fiduciaire no longer participate in euro note printing. Giesecke & Devrient prints its share only at its Munich printing plant.

(3)

Cour des Comptes. La Banque de France—Rapport au président de la République suivi des réponses des administrations et des organismes intéressés, March 2005.

(4)

Guidelines of the European Central Bank of Sept. 16, 2004, on the procurement of euro banknotes, ECB/2004/18.

(5)

The EuPBA has its seat in Brussels. The five founding members are Bundesdruckerei (Germany), De La Rue (UK), Joh. Enschedé (Netherlands), Francois Charles Oberthur Fiduciaire (France), and Giesecke & Devrient (Germany).

(6)

Ardizzone, Vittorio Emanuele: “Dalle banconote nazionali ad una banconota unica per un sistema—nuovi fattori di successo tra cooperazione e competizione” (paper presented at the 18^th International Security Printers Conference, Sept. 26–28, 2001, Sorrento, Italy).