Commission outlines options for future of 1 and 2 euro cent coins

Commission outlines options for future of 1 and 2 euro cent coins

The Commission has suggested four possible scenarios for the future issuance or withdrawal of 1 and 2 euro cent coins.

The Communication adopted today responds to a request from the European Parliament and the Council of Ministers in 2012 to investigate the use of the 1 and 2 euro cent coins against the criteria of costs and public acceptability.

The conclusions of the exercise largely focussed on the cost-benefits of producing and issuing the coins and the attitude of the general public towards the coins.

The Commission has structured its analysis around four possible scenarios:

1. Status quo – keeping the cents!

2. Making them for a reduced cost through changing the material and increasing the efficiency of the coin production

3. A quick withdrawal of all one and two cents

4. Fading out – they could still be used, but only for payment of the rounded final sum

 

Making one and two cents coins has lost the euro area about €1.4 billion since 2002, and the attitude of the general public is mixed: some people fear the risk of inflation if they were to disappear, but these coins are not being re-circulate in payment channels.

 

Read more: http://europa.eu/rapid/press-release_IP-13-425_en.htm