News in Brief

Slovakia Next to Drop Euro Coins?

Slovakia may be the next EU monetary union participant to drop the two lowest denomination euro coins. The Slovakian cabinet has issued a draft revision to the law on prices and, if passed by the Slovakian Parliament, the new pricing rules would become effective 1 January 2022.

According to findings in a May Eurobarometer survey, more than five out of six Slovaks surveyed are in favour of scrapping the 1 and 2 euro cent coins. This is a higher number of people favouring dumping the two denominations than wanted to drop them in Belgium, Finland, Ireland, and the Netherlands, all of which have dropped the coins. Italy has also dropped them.

The European Commission is itself considering the removal of the one and two cents throughout the eurozone and the introduction of uniform rounding rules. It launched a consultation this time last year, and has stated that it will reach a decision by the end of this year.