SHARE
COPY LINK

POLITICS

Could 1 and 2 cent euro coins soon be scrapped?

If you hate carrying pocketfuls of the tiny one and two cent euro coins then you'll be in favour of what the European Commission is planning to do.

Could 1 and 2 cent euro coins soon be scrapped?
AFP/ECDC

Brussels is considering a new rule to round off all prices to the nearest 5 cents, which would mean phasing out the small, brown one and two cent coins.

On Monday, the Commission opened a 15-week public consultation on the use of the small coins.

After consultation, the Commission will consider the possibility of putting forward a new law at the end of next year which would introduce uniform EU-wide rules for rounding off cash payments to the nearest 5 cents

“EU rules on euro coins state that the EU institutions should periodically examine the use of different denominations of euro coins in terms of costs and public acceptability,” the consultation said.

The commission “will carefully study the economic, environmental and social consequences of introducing uniform rounding rules,” it said on Monday.

Ordinary citizens and institutions are invited to share their opinions and suggestions on the issue of whether prices should be rounded off and the small coins ditched.

Citizens are invited to leave feedback on the Commission's website. A quick look at the comments suggests opinions were divided.

One commenter from France wrote: “I am in favour of removing the 1 and 2 cent coins. They are expensive to produce, to transport, and clutter up purses without providing any real service. In addition, these “small” coins seem to me all the less necessary as card and contactless payments have increased significantly (especially since the Covid epidemic).”

However another respondent summed up the views of many who though a rounding off of prices would simply mean a rounding up of prices at the expense of consumers.

“Abolishing 1 and 2 cent coins will most likely result in another rounding up of prices concerning mostly consumer goods, which will make day-to-day life even more expensive, whilst wages have not risen and are in the future unlikely to increase at the same rate,” wrote the anonymous commenter.

“Hence, the standard of living is progressively decreasing. Now that cannot possibly be, nor should it be, the aim of the European Union.”

 

Member comments

  1. No need to phase them out. Just make automated vending and coffee machines accept them.
    Very annoying that most of these don’t accept anything below the 5 cent coin.

  2. I think it’s better to abolish these two coins. One main reason to abolish it which would benefit the consumer is that there would be no more psychological pricing, instead of 99,99 it would make 100 or 99,95 . Good for us actually.

  3. …..because retailers have always put the consumer first and rounded prices down to benefit the consumer and reduced their profits, haven’t they?

  4. We had 1c and 2c coins in Australia and both coins were withdrawn from circulation in 1992 and nobody missed them. So many people now use cards anyway, so don’t see why they are needed. I generally come home with heaps of these after holidaying in Europe.

  5. When I lived in Belgium in pre-Euro days, there were far more Belgian francs than French francs per £ and the coins went down to 1/4 and 1/2 cents. Final bills were always rounded up or down, but the actual prices of goods still showed these small denominations. Only the final total was rounded, so 3 items at 4.45 would come to 13.35 and be charged as 13 francs, or at 4.85, making 14.55 would be charged as 15 francs. Seemed reasonable to me.

  6. When I lived in Belgium in pre-Euro days, there were far more Belgian francs than French francs per £ and the coins went down to 1/4 and 1/2 cents. Final bills were always rounded up or down, but the actual prices of goods still showed these small denominations. Only the final total was rounded, so 3 items at 4.45 would come to 13.35 and be charged as 13 francs, or at 4.85, making 14.55 would be charged as 15 francs. Seemed reasonable to me.

  7. They haven’t been using the 1c & 2c in Italy for quite some time now – rounding off to the nearest 5c.
    Keep up France….

Log in here to leave a comment.
Become a Member to leave a comment.

POLITICS

Italian rivals pitch abroad in trilingual vote videos

Days after Italy's far-right leader made a multilingual appeal to foreign commentators to take her seriously, her main rival in September elections issued his own tit-for-tat video Saturday condemning her record.

Italian rivals pitch abroad in trilingual vote videos

Former prime minister Enrico Letta, leader of the centre-left Democratic Party, declared his pro-European credentials in a video in English, French and Spanish, while deriding the euroscepticism of Italy’s right-wing parties.

It echoes the trilingual video published this week by Giorgia Meloni, tipped to take power in the eurozone’s third largest economy next month, in which she sought to distance her Brothers of Italy party from its post-fascist roots.

“We will keep fighting to convince Italians to vote for us and not for them, to vote for an Italy that will be in the heart of Europe,” Letta said in English.

His party and Meloni’s are neck-and-neck in opinion polls ahead of September 25 elections, both with around 23 percent of support.

But Italy’s political system favours coalitions, and while Meloni is part of an alliance with ex-premier Silvio Berlusconi and anti-immigration leader Matteo Salvini, Letta has struggled to unite a fractured centre-left.

Speaking in French perfected in six years as a dean at Sciences Po university in Paris, Letta emphasised European solidarity, from which Italy is currently benefiting to the tune of almost 200 billion euros ($205 billion) in
post-pandemic recovery funds.

“We need a strong Europe, we need a Europe of health, a Europe of solidarity. And we can only do that if there is no nationalism inside European countries,” he said.

He condemned the veto that he said right-wing Hungarian Prime Minister Viktor “Orban — friends and allies of the Italian right — is using every time he can (to) harm Europe”.

In Spanish, Letta highlighted Meloni’s ties with Spain’s far-right party Vox, at whose rally she spoke earlier this summer, railing at the top of her voice against “LGBT lobbies”, Islamist violence, EU bureaucracy and mass
immigration.

In English, he condemned the economic legacy of Berlusconi, a three-time premier who left office in 2011 as Italy was on the brink of economic meltdown, but still leads his Forza Italia party.

Letta’s programme includes a focus on green issues — he intends to tour Italy in an electric-powered bus — and young people, but he has made beating Meloni a key plank of his campaign.

Meloni insisted in her video that fascism was in the past, a claim greeted with scepticism given her party still uses the logo of a flame used by the Italian Social Movement set up by supporters of fascist leader Benito Mussolini.

In a joint manifesto published this week, Meloni, Berlusconi and Salvini committed themselves to the EU but called for changes to its budgetary rules — and raised the prospect of renegotiating the pandemic recovery plan.

Elections were triggered by the collapse of Prime Minister Mario Draghi’s government last month, and are occurring against a backdrop of soaring inflation, a potential winter energy crisis and global uncertainty sparked by
the Ukraine war.

SHOW COMMENTS