What changed

Recital 5: (5) The protection of the European single currency as a public good has a clear transnational dimension, and therefore euro protection goes beyond the interest and the responsibility of individual Member States. Euro cash is the only means of payment universally accessible to all citizens, regardless of digital access or banking status, and serves as a critical instrument of resilience when electronic payment infrastructure fails. Its legal tender status is dependent upon on the integrity of the currency itself. Counterfeiting strikes directly at that integrity, imposing uncompensated losses on citizens and businesses and eroding trust in the single currency. Considering the cross-border circulation of the euro and the deep involvement of international organised crime in euro counterfeiting, national protection frameworks should be complemented by Union initiative to ensure homogeneous national and international cooperation, and to face possible emerging transnational risks. Therefore by establishing the exchange, assistance and training programme for the protection of the euro against counterfeiting, this Regulation is necessary, suitable and appropriate for achieving the objectives of the Programme. The Programme should efficiently strengthen cooperation among the Member States and between the Commission and the Member States, without restricting Member States’ capability to protect the euro against counterfeiting. Action at Union level is justified as it clearly assists Me…

Recital 1 b (new): (1b) Actions with the aim of promoting exchanges of information and staff, technical and scientific assistance and specialised training help significantly to protect the Union’s single currency against counterfeiting and related fraud, and therefore to attain a high and equivalent level of protection across the Union, whilst demonstrating the Union’s ability to tackle serious organised crime. Such actions could also help address the common challenges in combatting organised crime, including money laundering.

Recital 9: (9) In accordance with Regulation (EU, Euratom) 2024/2509, Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council10 , Council Regulation (EC, Euratom) No 2988/9511 , Council Regulation (Euratom, EC) No 2185/9612 and Council Regulation (EU) 2017/193913, the financial interests of the Union are to be protected through proportionate measures, including the prevention, detection, correction and investigation of irregularities and fraud, the recovery of funds lost, wrongly paid or incorrectly used and, where appropriate, the imposition of administrative sanctions. In particular, in accordance with Regulations (Euratom) No 883/2013 and (Euratom, EC) No 2185/96 the European Anti-Fraud Office (OLAF) may carry out investigations, including on-the-spot checks and inspections, with a view to establishing whether there has been fraud, corruption or any other illegal activity affecting the financial interests of the Union. In accordance with Regulation (EU) 2017/1939, the European Public Prosecutor's Office (EPPO) may investigate and prosecute fraud, corruption and other criminal offences affecting the financial interests of the Union as provided for in Directive (EU) 2017/1371 of the European Parliament and of the Council14. In accordance with Regulation (EU, Euratom) 2024/2509, any person or entity receiving Union funds is to fully cooperate in the protection of the Union’s financial interests, to grant the necessary rights and access to the Commission, OLAF,…

Recital 4: (4) In that respect, in its Communication on the results of the interim evaluation of the Pericles IV programme8 , the Commission concluded that the current implementing structure of Pericles IV programme is generally effective, efficient, and sustainable and remains relevant in adapting to evolving threats. The Pericles IV programme addresses a critical gap in many Member States, where resources for organising international and multidisciplinary training on euro counterfeiting are often limited. By providing targeted support, the programme strengthens the Union’s capacity to combat euro counterfeiting and supports the development of new relationships, networks and transnational cooperation efforts. The success of the programme lies in its clearly defined scope, focusing on the specific objective of protecting the euro against counterfeiting and counterfeiting-related fraud, including a future digital euro. Therefore, the Pericles programme should be continued beyond 2028 with that same scope.

Recital 4 a (new): (4a) Independent evaluations of the Pericles IV programme show that it plays a key role in preventing and combatting euro counterfeiting, helping to protect the integrity of euro banknotes and coins. The programme strengthens information exchange, technical expertise, institutional cooperation, and operational capacity, while supporting networking and joint investigations that have led to seizures of counterfeit euros and the disruption of criminal networks. The programme is efficient in its use of resources and complements the work of other Union institutions, bodies, offices and agencies including the European Central Bank (ECB), Europol and Eurojust. To remain effective, the programme should continue to adapt to emerging threats such as digital currencies, more sophisticated counterfeits, altered-design banknotes, and the growing online availability of counterfeit materials.

Recital 5: (5) The protection of the European single currency as a public good has a clear transnational dimension, and therefore euro protection goes beyond the interest and the responsibility of individual Member States. Euro cash, which is currently the only means of payment universally accessible to all citizens, promotes financial inclusion by enabling payments irrespective of access to digital technologies or banking services, and serves as a critical instrument of resilience when electronic payment systems are disrupted. The effective performance of its function as legal tender status is dependent upon on the integrity of the single currency itself. Counterfeiting undermines that integrity, imposing uncompensated losses on citizens and businesses and eroding trust in the single currency. Considering the cross-border circulation of the euro and the deep involvement of international organised crime in euro counterfeiting, national protection frameworks should be complemented by Union initiative to ensure homogeneous national and international cooperation, and to face possible emerging transnational risks. Therefore by establishing the exchange, assistance and training programme for the protection of the euro against counterfeiting, this Regulation is necessary, suitable and appropriate for achieving the objectives of the Programme. The Programme should efficiently strengthen cooperation among the Member States and between the Commission and the Member States, without restricting Me…

Recital 8 a (new): (8a) In line with Regulation (EU, Euratom) 2024/2509, the implementation of the Programme should fully respect the values enshrined in Article 2 of the Treaty on European Union and the rights recognised in the Charter of Fundamental Rights of the European Union.

Recital 8 b (new): (8b) Regulation (EU, Euratom) 2020/2092 of the European Parliament and of the Council1 applies to the Programme. The Regulation establishes a general regime of conditionality for the protection of the Union budget in the case of breaches of the principles of the rule of law in the Member States. / 1 Regulation (EU, Euratom) 2020/2092 of the European Parliament and of the Council of 16 December 2020 on a general regime of conditionality for the protection of the Union budget (OJ L 433I, 22.12.2020, p. 1, ELI: http://data.europa.eu/eli/reg/2020/2092/oj).

Recital 9: (9) In accordance with Regulation (EU, Euratom) 2024/2509, Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council10 , Council Regulation (EC, Euratom) No 2988/9511 , Council Regulation (Euratom, EC) No 2185/9612 and Council Regulation (EU) 2017/193913 , the financial interests of the Union are to be protected through proportionate measures, including the prevention, detection, correction and investigation of irregularities and fraud, the recovery of funds lost, wrongly paid or incorrectly used and, where appropriate, the imposition of administrative sanctions. In particular, in accordance with Regulations (Euratom) No 883/2013 and (Euratom, EC) No 2185/96 the European Anti-Fraud Office (OLAF) may carry out investigations, including on-the-spot checks and inspections, with a view to establishing whether there has been fraud, corruption or any other illegal activity affecting the financial interests of the Union. In accordance with Regulation (EU) 2017/1939, the European Public Prosecutor's Office (EPPO) may investigate and prosecute fraud, corruption and other criminal offences affecting the financial interests of the Union as provided for in Directive (EU) 2017/1371 of the European Parliament and of the Council14 . In accordance with Regulation (EU, Euratom) 2024/2509, any person or entity receiving Union funds is to fully cooperate in the protection of the Union’s financial interests, to grant the necessary rights and access to the Commission, OLA…

Recital 11 b (new): (11b) In order to fulfil the objectives of this Regulation, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of supplementing this Regulation through the adoption of work programmes and in respect of amending the Annex to this Regulation. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making1a. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. / 1a OJ L 123, 12.5.2016, p. 1, ELI: http://data.europa.eu/eli/agree_interinstit/2016/512/oj.

Recital 12: (12) Actions eligible for funding under the Pericles V programme, with the aim of promoting exchanges of information and staff, technical and scientific assistance and specialised training, help significantly to protect the Union’s single currency against counterfeiting and counterfeiting-related fraud and therefore to attain a high and equivalent level of protection across the Union, whilst demonstrating the Union’s ability to tackle serious organised crime. Therefore such actions can also help to address common challenges and the links to money laundering and organised crime. In order for the Programme to be future-proof, there is a need to maintain the balance between the different types of actions eligible for funding, and the need to maintain its focus on current and emerging threats, including altered-design banknotes and the distribution of counterfeits through the internet. In this regard, darknet platforms, social media and messaging services play a critical role in the distribution, sale and globalisation of counterfeit euro banknotes by providing a layer of hidden digital infrastructure for organised crime groups. According to Europol’s intelligence, an increasing number of counterfeit currency producers offer their products on darknet marketplaces, along with drugs and other illegal commodities. Eligible actions should also cover potential future developments, such as potential threats to the future digital euro, and potential threats posed by and investigational …

Recital 12: (12) Actions eligible for funding, with the aim of promoting exchanges of information and staff, technical and scientific assistance and specialised training, help significantly to protect the Union’s single currency against counterfeiting and counterfeiting-related fraud and therefore to attain a high and equivalent level of protection across the Union, whilst demonstrating the Union’s ability to tackle serious organised crime. Such actions can also help to address common challenges and the links to money laundering and organised crime. In order for the Programme to be future-proof, there is a need to maintain the balance between the different types of actions eligible for funding, and the need to maintain its focus on current and emerging threats, including altered-design banknotes and the distribution of counterfeits through the internet. Eligible actions should also cover potential future developments, such as potential threats to the future digital euro, and potential threats posed by and investigational opportunities offered by artificial intelligence (‘AI’), such as the use of AI for the generation or manipulation of counterfeit imagery, the evasion of automated detection systems, and the enhancement of investigational and forensic capabilities. The purchase of equipment to be used by specialised anti-counterfeiting authorities of third countries for protecting the euro against counterfeiting is also vital to provide for an adequate protection of the euro in third coun…

Recital 13 a (new): (13a) It is essential for the provisions of this Regulation, as well as its governance arrangements, to be conducive to proper decision-making by the budgetary authority and to appropriate parliamentary oversight. In particular, in accordance with Article 47(2) of Regulation (EU, Euratom) 2024/2509, any specification of the Programme’s internal architecture is to be duly reflected in the budget nomenclature through the introduction of corresponding budget lines.

Article 1 – paragraph 1: This Regulation establishes the exchange, assistance and training programme for the protection of the euro against counterfeiting and other potential threats (the ‘Pericles V’ programme) (the ‘Programme’) and lays down the objectives of the Programme, its budget for the period 2028-2034, the forms of Union funding and the rules for providing such funding.

Recital 13 b (new): (13b) The complementarity between the Programme and other Union instruments should not come at the expense of the traceability of expenditure or of the prerogatives of the budgetary authority. The contribution of the Programme to jointly funded actions should remain explicitly identifiable at all stages of the budgetary cycle and should be duly reflected in the Programme Performance Statement.

Article 2 – paragraph 1: The general objective of the Programme is to prevent and combat counterfeiting and counterfeiting-related crimes, including money-laundering, and preserve the integrity of the euro, thus preserving and strengthening the trust of citizens and business in the genuineness of the euro and therefore contributing to ensuring the effective functioning of the euro, safeguarding fiscal and financial stability in the Union and fostering the international use of the euro for trade, financial services and investment.

Recital 15 a (new): (15a) While the overall level of euro counterfeiting remains low, counterfeiting continues to pose a threat to confidence in the single currency. In 2025, approximately 444 000 counterfeit euro banknotes were withdrawn from circulation, representing one of the lowest levels recorded in proportion to the total number of genuine euro banknotes in circulation. Nevertheless, the 20 euro and 50 euro denominations accounted for around 80 % of all counterfeit banknotes detected, and new methods for distributing counterfeits, including through online channels, continue to evolve. Those developments underline the need for continued vigilance and sustained cooperation among the competent authorities involved in protecting the euro.

Article 2 – paragraph 2: 2. The Programme has the specific objective to protect the euro against counterfeiting and counterfeiting-related crimes, including money-laundering. That specific objective shall also take into account emerging developments, including: / (a) threats to the future digital euro; / (b) threats posed by AI including AI-enabled forgery and AI-assisted evasion of detection systems; / (c) investigational opportunities offered by AI, including use of AI tools to strengthen forensic and investigative capabilities. / It does so by supporting and supplementing the measures undertaken by Member States and assisting the competent national and Union authorities in their efforts to develop among themselves and with the Commission a close and regular cooperation and an exchange of best practice, where appropriate including third countries and international organisations.

Recital 15 b (new): (15b) In order to maintain a high and equivalent level of protection of the euro across the Union and to address current and emerging threats, including those related to technological developments and the possible introduction of a digital euro, it is necessary to continue supporting specialised training, information exchange, technical assistance and operational cooperation under the Programme.

Article 7 – paragraph 1: 1. The Programme shall be implemented in accordance with Regulation (EU, Euratom) 2024/2509, under direct management or under indirect management with entities referred to in Article 62(1), point (c), of that Regulation, while ensuring consistency and avoiding unnecessary duplication with relevant measures undertaken by other competent entities, in particular the European Central Bank, Europol and Eurojust.

Article 1 – paragraph 1: This Regulation establishes the exchange, assistance and training programme for the protection of the euro against counterfeiting and counterfeiting-related fraud (the ‘Pericles V’ programme) (the ‘Programme’) and lays down the objectives of the Programme, its budget for the period 2028-2034, the forms of Union funding and the rules for providing such funding.

Article 7 – paragraph 3 a (new): 3a. When implementing actions eligible for funding under the Programme in accordance with Article 9 and the Annex, the Commission shall take into account existing and planned European Central Bank activities and Europol and Eurojust activities against euro counterfeiting and counterfeiting-related crimes, including money-laundering.

Article 2 – paragraph 1: 1. The general objective of the Programme is to prevent and combat counterfeiting and counterfeiting-related fraud, as well as other emerging threats directly linked to the authenticity, integrity or functioning of the euro, thereby preserving the integrity of the euro and strengthening the trust of citizens and businesses in the genuineness of the euro, and therefore contributing to ensuring the effective functioning of the euro, safeguarding fiscal and financial stability in the Union and fostering the international use of the euro for trade, financial services and investment.

Article 8 – paragraph 1: 1. Eligibility criteria shall be set to support achievement of the objectives laid down in Article 2 of this Regulation, in accordance with Regulation (EU, Euratom) 2024/2509 and shall apply to all award procedures under the Programme. The European Central Bank, Europol and Eurojust shall be consulted on any action which may be eligible for support under the Programme pursuant to paragraph 5 prior to the implementation of that action.

Article 2 – paragraph 2: 2. The Programme has the specific objective to protect the euro against counterfeiting and counterfeiting-related fraud. That specific objective shall also take into account emerging developments, including: / (a) threats to the future digital euro; / (b) threats posed by AI including AI-enabled forgery and AI-assisted evasion of detection systems; / (c) investigational opportunities offered by AI, including use of AI tools to strengthen forensic and investigative capabilities. / It does so by supporting and supplementing the measures undertaken by Member States and assisting the competent national and Union authorities in their efforts to develop among themselves and with the Commission a close and regular cooperation and an exchange of best practice, where appropriate including relevant third countries and international organisations.

Article 3 – paragraph 1: 1. The programme envelope for the implementation of this Regulation for the period 2028-2034 shall be set at EUR 7 811 000 in current prices (EUR 6 942 000 in 2025 prices).

Article 4 – paragraph 1: 1. Member States, Union institutions, bodies and agencies, relevant third countries, international organisations, international financial institutions, or other third parties, may make additional financial or non-financial contributions to the Programme. Additional financial contributions shall constitute external assigned revenue within the meaning of Article 21(2), points (a), (d), or (e), or Article 21(5) of Regulation (EU, Euratom) 2024/2509.

Article 5 – paragraph 1: 1. The Programme shall be implemented in synergy with other Union programmes. An action that has received a Union contribution from another programme may also receive a contribution under the Programme. The rules of the relevant Union programme shall apply to the corresponding contribution or a single set of rules may be applied to all contributions and a single legal commitment may be concluded. If the Union contribution is based on eligible costs, the cumulative support from the Union budget shall not exceed the total eligible costs of the action and may be calculated on a pro-rata basis in accordance with the documents setting out the conditions for support. The Commission shall address synergies between the Programme and other Union programmes in the Programme Performance Statement provided for in Article 41(3), first subparagraph, point (h), of Regulation (EU, Euratom) 2024/2509 and in relevant programming and reporting documents.

Article 6 – paragraph 2 – subparagraph 1 – point d: (d) guarantee the rights of the Union to ensure sound financial management and effective protection of its financial interests;

Article 7 – paragraph 1 a (new): 1a. The Programme shall be implemented by the Commission in cooperation with the Member States, through regular consultations at different stages of implementation, while ensuring consistency and avoiding duplication with relevant measures taken by other competent institutions, bodies, offices and agencies, in particular the ECB, Europol and Eurojust. To that effect, when preparing the work programmes referred to in Article 9, the Commission shall take into account existing and planned activities by those institutions, bodies, offices and agencies against euro counterfeiting and counterfeiting-related fraud.

Article 8 – paragraph 1: 1. Eligibility criteria shall be set to support achievement of the objectives laid down in Article 2 of this Regulation, in accordance with Regulation (EU, Euratom) 2024/2509 and shall apply to all award procedures under the Programme. The application of those criteria shall take due account of the regular consultations referred to in Article 7(1a), while preserving the Commission’s responsibility to implement the Union budget.

Article 8 – paragraph 5 – subparagraph 1 – point a: (a) exchanges and dissemination of information on the topics listed in the Annex, point (1), in particular through organising workshops, meetings and seminars, including training, targeted placements and exchanges of staff of competent national authorities and other similar actions;

Article 9 – paragraph 1 a (new): The work programmes shall be regularly updated in order to take into account the emerging developments specified in Article 2(2).

Article 8 – paragraph 5 – subparagraph 1 – point b: (b) necessary technical, scientific and operational assistance, as listed in the Annex, point (2);

Article 9 a (new): Article 9a / Monitoring and reporting / 1. Indicators for reporting on progress of the Pericles V programme towards the achievement of the specific objective laid down in Article 2 are set out in Regulation (EU) …/…of the European Parliament and of the Council [the ‘Performance Regulation’]. / 2. The performance reporting system set out in this Regulation and in Regulation (EU) …/… [the ‘Performance Regulation’] shall ensure that data for monitoring the implementation and results of the Programme are collected efficiently, effectively and in a timely manner. To that end, proportionate reporting requirements shall be imposed on recipients of Union funds and, where appropriate, on Member States. / 3. The Commission shall provide annual reports on the results of the Pericles V programme to the European Parliament, to the Council and to the ECB, taking into account the quantitative and qualitative indicators set out in Regulation (EU) …/… [the ‘Performance Regulation’] and shall include a list of funded actions, their budgets, and participating entities. At the request of the competent committee of the European Parliament, the Commission shall present the annual reports to that committee.

Article 8 – paragraph 7 a (new): 7a. The Commission is empowered to adopt delegated acts in accordance with Article 9a to amend the Annex with regard to the topics listed in the Annex, point (1), types of assistance listed in the Annex, point (2,) and eligible professional groups listed in the Annex, point (3).

Annex I – point 1 – introductory part: (1) The exchanges and dissemination of information referred to in Article 8(5), point (a), shall be targeted in particular at:

Article 9 – paragraph 1: 1. The Programme shall be implemented by work programmes.

Annex I – point 1 – indent 7: – protection of the euro outside the Union, and prevention of imports into the Union of counterfeited banknotes and coins produced outside the euro area,

Article 9 – paragraph 1 a (new): 1a. The Commission shall adopt delegated acts in accordance with Article 9a to supplement this Regulation by setting out the work programmes referred to in paragraph 1 of this Article.

Annex I – point 3 – indent 6 a (new): – digital currency and blockchain experts, cybersecurity specialists and AI and machine learning engineers;

Article 9 – paragraph 1 b (new): 1b. The Commission shall consult relevant stakeholders, including national authorities, the European Central Bank, Europol and Eurojust, and private sector representatives, before adopting work programmes.

Article 9 – paragraph 1 c (new): 1c. The work programmes shall be regularly updated in order to take into account the emerging developments specified in Article 2(2).

Article 9 a (new): Article 9a / Exercise of the delegation / 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. / 2. The delegation of power referred to in Article 8(7a) and Article 9 shall be conferred on the Commission from 1 January 2028 until 31 December 2034. / 3. The delegation of power referred to in Article 8(7a) and Article 9 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. / 4. Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making, as well as representatives from the European Central Bank, Europol and Eurojust. / 5. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. / 6. A delegated act adopted pursuant to Article 8(7a) or Article 9 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of two months of notification of that act to the European Parliament and…

Article 9 b (new): Article 9b / Monitoring and reporting / 1. Indicators for reporting on progress of the Pericles V programme towards the achievement of the specific objective laid down in Article 2 are set out in Regulation (EU) …/…of the European Parliament and of the Council [the ‘Performance Regulation’]. / 2. The performance reporting system set out in this Regulation and Regulation (EU) …/… [the ‘Performance Regulation’] shall ensure that data for monitoring the implementation and results of the Programme are collected efficiently, effectively and in a timely manner. To that end, proportionate reporting requirements shall be imposed on recipients of Union funds and, where appropriate, on Member States. / 3. The Commission shall provide annual reports on the results of the Pericles V programme to the European Parliament, to the Council and to the European Central Bank, taking into account the quantitative and qualitative indicators set out in Regulation (EU) …/… [the ‘Performance Regulation’] and shall include a list of funded actions, their budgets, and participating entities;

Annex – point 1 – introductory part: (1) The exchanges and dissemination of information referred to in Article 8(5), point (a), shall be targeted at:

Annex – point 1 – indent 7: – protection of the euro outside the Union, and prevention of imports into the Union of counterfeited banknotes and coins produced outside the euro area,

Annex – point 2 – introductory part: (2) The technical, scientific and operational assistance referred to in Article 8(5), point (b), shall include:

Annex – point 3 – indent 1 a (new): – digital currency and blockchain experts, cybersecurity specialists and AI and machine learning engineers;