Should we say farewell to the one and two cent coins?

The European Commission began a consultation this week to collect information on the use of the one and two cent euro coins  and evaluate whether to propose to abolish them.

It seems that this process will take 15 weeks and will update a report already done in 2018. But this evaluation is mandatory according to EU law, which requires the competent institutions to periodically examine the use of coins and banknotes based on cost and public acceptability criteria.

The Commission bases itself on the fact that experience of the Member States that have already introduced rounding rules – (Belgium, Finland, Ireland, Italy and the Netherlands) – confirms that it has not had an impact on consumer price inflation.