FX.co ★ 1 and 2 euro cent coins to be eliminated

The proposal of 1 and 2 euro cent coins' withdrawal has been widely discussed the other day. The decision to get rid of these coins may be provoked by the disappointing research data. According to it, the EU citizens do not take these coins seriously due to their unimportance as a monetary unit. That is proved by the fact that people do not recirculate them. In accordance with the European Commission data, since 2002 the production of 1 and 2 euro cent coins has cost the EU countries about €1.4 billion. Since that time, the EU has minted 45.8 bln coins in denominations of 1 and 2 cents. Presently, the European government is considering several scenarios: to continue the coins’ production as it goes; to keep coins, but reduce their issuance cost. The last two scenarios propose either quick or gradual withdrawal of the coins. The final solution will be achieved in the nearest future.