October 20, 2020

Brussels will decide at the end of 2021 whether to eliminate the 1 and 2 cent coins


Madrid

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The European Commission will decide at the end of 2021 whether to present a legislative proposal to unify the rounding of prices for cash payments across the eurozone, as well as whether it would be justified remove the one and two cent coins, as reported by the institution in a statement.

Brussels has begun this Monday the analysis of the impact on the use of the two currencies with the least value of the common currency. The process also includes a public consultation that will be open for the next 15 weeks for different national institutions and authorities, as well as civil society, to present their opinion on the matter.

The Community Executive has the legal mandate to examine “periodically and carefully” the use of the different euro currencies on the basis of criteria of cost and acceptability by European citizens.

‘The Commission will carefully study in this analysis the economic, environmental and social impact of introduce uniform rules for rounding‘, Explained the European Commission, which guarantees that the future proposal in this regard will be based on the conclusions of this evaluation.

Brussels already advanced this procedure in January, when it presented its working document for this year. With this movement, the Community Executive wants to avoid that each partner of the euro follows its own criteria and different from the rest when rounding the prices of cash payments.

At the beginning of the year, for example, Brussels had already warned that some Member States such as Finland, Italy, Belgium, Ireland or the Netherlands had already approved internal rules on rounding while other countries do not have specific regulations.

It is in this evaluation that the future of the one and two cent euro coins is framed, which Brussels could propose to eliminate if it considers that their use is not generalized and their abolition does not have serious damages on the economy.

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