Strengthening the fight against euro counterfeiting

Protecting the euro from counterfeiting and related fraud is essential to preserve trust in the currency and safeguarding the EU’s financial stability and competitiveness. Ecorys recently completed the mid-term evaluation of the Pericles IV Programme (2021–2027), an initiative aimed at preventing counterfeiting and fraud while supporting Member States in cooperating and exchanging best practices.

Background

The Pericles IV Programme, the latest continuation of the EU’s long-standing initiative to combat euro counterfeiting, plays a crucial role in safeguarding the integrity of the euro and maintaining public trust in both the currency and the European economy. Building on the successes of previous programmes (such as Pericles 2020), it enhances the capabilities of EU Member States and national authorities through a variety of activities, including workshops, training sessions, staff exchanges, and technical support.

With a budget of €6 million for the 2021-2027 period, Pericles IV funds these activities across the euro area, in non-euro EU countries, and even in third countries—ensuring broad, cross-border cooperation in the fight against counterfeiting. The programme equips authorities to address evolving counterfeiting methods and supports law enforcement, judicial authorities, and financial institutions involved in euro protection.

Ultimately, Pericles IV contributes to the continued security of the euro, strengthening both the currency’s reputation and the overall stability of the EU financial system. The European Commission (DG ECFIN) appointed Ecorys to carry out an evaluation and provide an independent assessment of the Programme’s performance during its first years of implementation (2021–March 2024) against the criteria of relevance, effectiveness, efficiency, coherence and EU added value in line with the Better Regulation Guidelines.

Key findings

Our evaluation shows that the Pericles IV Programme plays a crucial role in preventing and combating euro counterfeiting, thereby preserving the integrity of euro banknotes and coins.

Pericles has proven to be effective in enhancing information exchange, technical skills, institutional frameworks, and operational capabilities in the fight against euro counterfeiting. It has successfully facilitated networking and collaborative investigations, leading to significant achievements such as the seizure of counterfeit euros and the dismantling of criminal operations. The programme has demonstrated efficient use of resources in achieving its outputs, results and impacts. Furthermore, it complements and aligns with initiatives undertaken by other Union Institutions, such as the ECB and Europol. To maintain its impact, Pericles should continue to adapt to emerging threats, including digital currencies, the increasing quality of counterfeits, the growing number of altered design banknotes in circulation, and the ease with which both counterfeits and altered design banknotes can be accessed via the clear web and social media. Ensuring ongoing support, addressing language barriers, and maintaining the stability of the programme’s budget will help sustain and enhance its effectiveness. The programme’s role in fostering cross-border cooperation remains crucial for addressing both national and international euro counterfeiting challenges. Therefore, there is a continued need for the actions undertaken by the Pericles IV Programme.