ONE AND TWO CENT COINS TO GO?

 Filenews 28 September 2020

Evaluation and impact assessment on the use of 1 and 2 cent coins, with an open 15-week consultation with a wide range of stakeholders, including other institutions, relevant national authorities, consumers and civil society, was launched today by the Commission.

This assessment is required by the relevant EU legislation (Regulation (EU) No 651/2012), which authorises the Commission to periodically and carefully examine the use of different denominations of euro coins on the basis of cost and public acceptance criteria. The impact assessment will update the analysis of the 2018 report on the issue.

On the basis of this assessment, and as announced in the Commission's 2020 work programme, the Commission will decide at the end of 2021 whether a legislative proposal to establish single rounding rules for cash payments in the euro area, and possibly to stop the use of 1 and 2 cent coins, is necessary.

As announced, as part of this evaluation, it will carefully study the economic, environmental and social implications of establishing single rounding rules. Any possible future proposals on the subject will be based on the outcome of this evaluation and will not be submitted until this process is complete.

In addition, the Commission announced that it has today approved a genetically modified organism (GMOs) for use in food and feed (soya MON 87708 x MON 89788 x A5547-127). This genetically modified soybean has gone through a comprehensive approval process, including a favourable scientific evaluation by the European Food Safety Authority (EFSA). The approval decision does not cover cultivation. All Member States had the right to express their views to the Standing Committee and then to the Appeals Committee. Given the outcome of the procedure, the Commission has a legal duty to approve it. The authorisation is valid for 10 years and any products produced from this genetically modified soybean will be subject to the EU's strict labelling and traceability rules.

Eyenews/AFP