San Marino, Vatican and Monaco have signed monetary agreements with the EU which means that EU rules on banknotes and coins apply to them as well. Consequently they are entitled to issue up to two 2 euro commemorative coins per year.
Please disregard the last paragraph in my email below concerning the micro-states. There are certain fields where the Monetary Agreements concluded with these countries supersede the EU law, and the issuance of two commemorative coins per year still has to be clarified with our legal service.
I will inform as soon as I have the correct information.
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