The European Commission studies eliminating the one and two cent coins by the end of 2021

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The European Comission will decide by the end of 2021 whether to present a legislative proposal to unify across the eurozone rounding off prices for cash payments, 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 started this Monday the impact analysis on the use of the two currencies with less value of the common currency. The process also includes a public consultation which 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 study carefully in this economic impact analysis, environmental and social to 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 he presented his 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 in which the future of the coins of one and two cents of euro, which Brussels could propose to eliminate if it considers that its use is not generalized and its elimination does not have serious damages on the economy.

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