Coins of the Hungarian forint a highly profitable venture that lasted until the machines were reprogrammed. The 50 Forint coin is confused with the UK 50 pence coin by some vending machines in the UK. According to Hungary's new constitution, effective as of 1 January 2012, the country's official name changes from "Magyar Köztársaság" (Republic of Hungary) to "Magyarország" (Hungary). Although Hungary is still a republic, this does not appear anymore on its coinage: from 2012 Hungarian legal tender will bear the country's new official name, "Magyarország". Previously struck coins will remain legal tender. 5, 10 and 20 Forint coins are expected to appear in
European Monetary Institute creation of the ECB and the European System of Central Banks (ESCB) which took over its expanded responsibilities as the euro was launched. The EMI was the key monetary institution of the second phase of the Economic and Monetary Union of the European Union. The EMU encouraged cooperation between the national banks of the member states of the European Union (EU) and laid the foundation for the euro. It had less than 250 staff, mostly seconded from national central banks, and was based in the Eurotower, Frankfurt (Germany), where the ECB is now based. European Monetary Institute The European Monetary