In 2024: European countries want to produce fewer new coins

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Croatia’s accession to the euro on 1 January 2023 resulted in a volume of 2.6 billion euros, with a significant increase of approximately 1.8 billion euros from 2022 to 2023. The amount of new coins minted in the past two years was around two billion euros.

Approximately 1.87 billion euros of the coin production planned for next year is planned to be for daily use. There are also collectible coins worth 468 million euros.

Germany wants to produce the most money again. The volume in Europe’s largest economy amounts to 591 million euros, of which 172 million euros can be attributed to collectible coins. France is the second country with the highest value of new coins with a total volume of 394 million euros, while Spain ranks third among euro countries with approximately 320.5 million euros.

Each year, the ECB sets an upper limit for the volume of total coin issuance based on the needs declared by euro countries. Within this framework, countries are allowed to print coins.

As an analysis published by the ECB at the end of 2022 shows, cash is still the most frequently used means of payment at the cash register in the eurozone. However, in terms of value, card payments have surpassed banknotes and coins for the first time. Surveys repeatedly show that the corona pandemic is accelerating the trend towards electronic means of payment.

The euro itself may be available as a digital version within a few years: On November 1, a two-year preparatory phase began, during which Europe’s monetary authorities want to finalize the rules for the digital euro and organize its infrastructure. Once this phase is completed, the ECB wants to decide whether to pave the way for the introduction of a digital version of the European common currency in addition to cash. This requires a legal basis for a digital euro at EU level.

(SDA)

Source :Blick