The fiscal authorities of the European Union are considering the possibility of abolishing the coins which represent the value of one and two euro cents, according to an EU document that recently became public.
The European Commission is thinking about gradually phasing out the €0.01 and €0.02 coins out of Europe’s monetary circulation since it has now been proven that the cost to produce these coins exceeds their actual value in money.
This proposal, which is included in the European Union’s executive working program for 2020, may actually be put into practice by the end of the year.
Among the thoughts of these financial officials is the introduction of rules across the Eurozone which would round prices up or down so that European consumers won’t even need to use the smallest-denomination coins, as all prices would be rounded either to .00 or .05.
“There is no final decision,” according to Maros Sefcovic, one of the EU Commission’s vice-presidents, when he spoke to reporters on Wednesday.
Currently, eight coins of different values are in circulation across the Eurozone, with approximately 350 million people using them on a daily basis.
These include the coins for one cent, two cents, five cents, ten cents, twenty cents, fifty cents, one euro and two euros.