Support for Euro Remains High, but Not for Low Value Coins

Public support for the euro has reached an all-time high, according to the European Commission's latest Eurobarometer survey.

The Eurobarometer survey was conducted among some 17,700 respondents from the 19 euro area member states between 22 and 29 March 2021. 80% of respondents believe the euro is good for the EU and 70% consider the euro good for their own country.

Both the Eurobarometer survey and the results of a separate open public consultation on coins, meanwhile, find that an increasing number of citizens support rounding rules and the abolition of the 1 and 2 cent coins.

70% of the public, according to the survey, are in favour of abolishing the two lowest denominations through mandatory rounding (up or down) of the final sum of purchases to the nearest five cents. There is majority support for this in all 19 euro area member states.

The objective of the Commission’s public consultation, meanwhile, was to gather information for its impact assessment on uniform rounding rules for cash payments in euros. Taking place over the course of 15 weeks from 28 September 2020 to 11 January 2021, it attracted 17,033 responses. Whilst all euro area countries were represented in the responses, more than 95% of the respondents come from 3 member states – Germany, with 78.9% of the replies, followed by Austria with 9.4% and France with 6.8%.

The summary of the consultation shows that 72% of respondents do not find one and two euro cent coins useful and 71% consider that rounding rules to the nearest five euro cents should be introduced. A majority of respondents consider that rounding rules should be mandatory (71%) and harmonised in the euro area (77%). 70% felt that the one and two euro coins should be discontinued.

The environmental aspect of the coins was also considered, with 63% stating that rounding and discontinuing the coins would have a positive environmental impact, and 22% stating the moves would have a neutral impact.

Five member states (Finland, Netherlands, Ireland, Italy and Belgium), equivalent to almost 100 million EU citizens, are already applying rounding rules on the final sum of purchase for payments in cash.

In addition to the public consultation, the Commission is studying the economic, environmental and social impacts of introducing uniform rounding rules. It will decide at the end of 2021 whether a legislative proposal on the introduction of these rules as well as the possible abolition of the 1 and 2 cent coins is warranted.