11 Apr, 2023 @ 12:45
1 min read

All change? European Commission comes ever closer to scrapping one- and two-euro-cent coins

Euro Banknotes and coins
© Igor Golovniov/SOPA Images via ZUMA Press Wire

THE DAYS OF sorting through near-useless one- and two-euro-cent coins among your change could soon be over in Spain and the rest of the eurozone, as the European Commission comes ever closer to scrapping them. 

The European Commissioner for Economy, Paolo Gentiloni, has said that possible changes include all kinds of options, including eliminating them altogether and introducing rounding-up rules across the EU. 

His comments were reported by Spanish online daily The Objective, which also included the conclusion by the EC that the production of the lowest-denomination coins ‘clearly generates losses for the eurozone’. 

The EC carried out a public survey, the results of which were published in May 2021 and showed that 70% of respondents were in favour of the abolition of the coins and the introduction of uniform rounding-up rules. 

The coins could soon see the same fate as €500 notes, the minting of which was suspended in 2019 given that they were of little use for the general public and were instead used for illegal purposes such as drug trafficking and money laundering. The notes still remain legal tender for now.

Read more:

Simon Hunter

Simon Hunter has been living in Madrid since the year 2000 and has worked as a journalist and translator practically since he arrived. For 16 years he was at the English Edition of Spanish daily EL PAÍS, editing the site from 2014 to 2022, and is currently one of the Spain reporters at The Times. He is also a voice actor, and can be heard telling passengers to "mind the gap" on Spain's AVLO high-speed trains.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Aipp Logo
Previous Story

The importance of improved regulation in the Spanish real estate market

2 bedroom Apartment for sale in Mojacar - € 118
Next Story

2 bedroom Apartment for sale in Mojacar – € 118,000

Latest from Business & Finance

Go toTop

More From The Olive Press