EC considers proposal to withdraw 1 cent and 2 cent coins
The European Commission is considering a proposal to phase out 1 cent and 2 cent coins, an EU document showed, in what would be a cost-saving move as the coins’ production and handling costs often exceed their face value.
The possible measure is included in the EU executive’s working programme for this year, released on Wednesday, and is scheduled for the October-December period after an evaluation of the use of the two smallest euro denominations.
The commission is considering introducing rounding rules that would apply in all EU states so that consumers could pay without using 1- or 2-cent coins. This policy is already in place in the Republic.
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