The number of counterfeit euro banknotes seized in the EU has risen significantly over the past two years, according to new figures from the European Central Bank (ECB).
The data shows that in 2009 alone there was a sharp rise in the number of fake banknotes withdrawn from circulation.
A total of 447,000 counterfeit euro banknotes were seized during the second half of last year under review, up 8 per cent on the first half of 2009 when 413,000 euro notes were withdrawn from circulation.
Overall, some 860,000 notes were seized last year compared to 666,000 in 2008 and 561,000 in 2007.
Nonetheless, the ECB stressed that with an average of 12.8 billion euro banknotes in circulation during the second half of 2009), the proportion of counterfeits is still very low.
The €20 banknote remains the most counterfeited denomination, accounting for almost half of all counterfeits identified during the last six months of 2009. The second most counterfeited denomination was the €50 banknote, which accounted for approximately one-third of the total. The three mid-range denominations (€20, €50 and €100) together accounted for 97 per cent of all counterfeits.
The proportion of high denomination counterfeits (€200 and €500) is very low, the ECB said.
More than 98 per cent of counterfeits recovered in the second half of last year were found in euro area countries, with only around 1 per cent being found in EU Member States outside the euro zone and less than 0.5 per cent discovered in other parts of the world.
