Video – Soon the end of coins 1 and 2 cents?

On Friday, July 20, the 2022 Public Action Committee released a report suggesting the removal of 1 and 2 cent coins throughout the euro area. Last October, Prime Minister Edouard Philippe commissioned some 30 experts to reduce public spending. Ireland, Finland and Belgium have already withdrawn currencies from circulation. A conclusive experience for the college of experts, which presents this stage as a transition before the end of production. Capital reports that to further reduce public spending, the committee also advocates the removal of cash, checks and tax stamps for tax and social payments within two years. For such a measure to be applicable, the experts want to make the acceptance of dematerialized payments via credit card, telephone or transfer compulsory. If the committee can not quantify the savings achieved by such a project, Les Echos reported last June that public spending could fall by 30 billion euros after the application of these proposals. But the government remains cautious, and coins of 1 and 2 cents should still embarrbad traders and consumers for some time.