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. “A possible proposal would introduce common rounding rules to address the challenges related to the use of 1- and 2-euro cent coins,” the document said. “There is no final decision on that proposal,” commission vice-president Maros Sefcovic told a news conference on Wednesday. ‘Loss-making activity’In the 2018 report, the commission said that issuing 1 cent coins “is a loss-making activity for member states”. In some states also the costs of 2 cent coins are higher than their value.

Source: The Irish Times January 29, 2020 14:36 UTC