Belgium set to scrap smallest euro coins
05 August 2004
BRUSSELS – The Belgian government, banks, business and consumer representatives have agreed in principle to the scrapping of one and two cent euro coins, it was reported on Thursday.
Daily newspapers L’Echo and La Libre Belgique reported that Belgian retail industry lobby, FEDIS, consumer watchdog Test-Achats, Banksys – the Belgian Association of Banks – and ministerial representatives all agreed that the smallest euro coins should go.
But the groups haven’t yet outlined any of the practical implications of the planned move.
These include how much it will cost to convert tills, whether sums will be rounded up in the case of electronic transactions and whether inflation will follow as a result.
The National Bank of Belgium is understood to believe there would be little risk of inflation if the coins were scrapped.
[Copyright Expatica 2004]
Subject: Belgian news