Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-10-25-Speech-1-077"
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"en.20041025.13.1-077"2
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"I would like to focus on one of the points in the Lipietz report – the possible abolition of the 1 and 2 cent coins. This issue has raised concerns in most of the Member States. Irish consumer organisations are concerned about the possible inflationary implications of following other Member States in reducing the usage of these small coins or indeed withdrawing them.
Listening to discussions in the Economic and Monetary Affairs Committee, it is not clear if these concerns are grounded or not. The debate has centred on statements of personal preference proposing/opposing the argument, using the Netherlands and Finland as case examples. But facts from impact assessment analysis, consumer surveys and so on remain hard to find.
The Central Bank of Ireland, as in other Member States, is aware that the cost of minting and distributing both coins is substantially greater than their face value. This does alleviate concerns. Mr Trichet, can you give us the facts on the inflationary effects or otherwise of abolishing the 1 and 2 cent coins? Finally, is the ECB in favour of abolishing these coins as a positive move for the future?"@en1
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