Do small copper coins still have a meaning in the era of generalized digital payment?
On Monday, the European Commission announced the launch of an evaluation and an "
impact assessment
" on the use of 1 and 2 cent coins.
This study, announced in the Union's work program, falls within the framework of the rules governing the member countries of the euro zone: the latter urge Brussels to review "
periodically the use of different denominations of euro coins. in terms of costs and public acceptability
”.
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In detail, the consultation will be open and accessible to citizens.
It will last fifteen weeks.
Objective of the process: to understand if these pieces which clutter the pockets of some but make others happy still have a role to play, or if they have had their day.
On the strength of the feedback from its research, the Commission will have to decide, by the end of next year, whether it should introduce "
uniform rounding rules for cash payments in the euro zone
": if necessary, a rule would be voted to "
round cash payments to the nearest five cents
", in order to avoid having to resort to these small coins.
"
This could lead to the gradual abolition of the 1 and 2 cent coins
", specifies the Brussels executive.
The possibility of removing these coins was brought forward very quickly, just a few years after their introduction.
Several Member States - Belgium in 2014, Ireland in 2015, Finland in 2002 and the Netherlands in 2004 - have already chosen to round cash payments, to the nearest five cents, in order to ban these pieces.
In 2018, Brussels published a report highlighting the “
high production and processing costs
” of these two pieces, and their “
significant loss
” by users.
“
In general, consumers receive more pennies and two cents than they spend,
” the document noted.
In addition, "
the vast majority of citizens in the euro area are in favor
" of the removal of these coins, the report noted, citing a poll.
Read also: How France is heading towards a "zero cash" society
However, a modification cannot be taken lightly.
First, the 1 and 2 cent coins are still very numerous: at the end of 2017, they represented almost half of the coins issued in the entire euro zone.
"
Statistically speaking, every citizen of the euro zone holds 181 of these coins
", stressed the Commission.
In addition, European citizens fear that prices will rise if these coins are removed and a general rounding rule is introduced.
The consultation carried out by the Commission from this Monday will notably update the conclusions of this report and should provide some answers to the questions put by the European executive.