1- and 2-euro notes to come?

Greece added its voice to those calling for the European Central Bank (ECB) to substitute 1- and 2-euro coins with banknotes yesterday after Development Minister Dimitris Sioufas requested the changeover to help stem inflationary pressures at home and in the eurozone as a whole. Sioufas said that the ECB should re-examine its position after it recently rejected a request from Greek Euro-MP Nikos Vakalis for the notes to be brought into circulation. «European citizens and consumers are the top priority and not the operational expenses of the ECB,» said Sioufas. Circulation of 1- and 2-euro notes is seen as giving consumers a higher sense of value for the currency, which is blamed for stirring inflation in the 12-nation currency zone since its introduction in 2002. The drachma conversion rate was set at 340.75 to the euro, and consumers complained of prices being rounded up after the changeover.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.