The European Commission is considering a proposal to withdraw them from use, considering that this move could save a lot of money, as their production and management costs often exceed their nominal value.
Brussels is aiming to introduce rounding regulations on the amounts of consumer goods in all EU member states so that consumers can pay using the 1 and 2 cent coins. Rounding will be the first step towards their complete uselessness, as it is expected to gradually put out of use these smaller subdivisions of the euro.
Among the eurozone countries, the Netherlands, Finland, Italy and Belgium have already adopted regulations to encourage the rounding of cash payments, in a bid to reduce the use of the two currencies.
The 1-minute traffic is described as "an activity that causes 'loss' in the Member States". Italy has stopped minting such coins since 2017. Only their commission costs exceed their face value, while in other countries the minting of 2-minute coins is greater than their value. A poll conducted three years ago showed that the vast majority of citizens of Eurozone countries are in favor of withdrawing these currencies.
