While they are at it, the eurobankers ought to downscale the other coins in circulation. Divide their values by five, while retaining the dimensions and appearances of those coins.
Since 2002, cumulative inflation has ensured that the euro currency is fast becoming more like the old Italian money, when a wallet of lira meant we could all be millionaires.
We could classify the new system as the “new euro” (or the “neuro”) signified by “N€”. The €5 note is hardly worth the paper on which it is printed, it should be replaced by a N€1 coin.
That would give us all a better idea of how worthless modern consumer goods really are.
What will we do with all the redundant e-pennies and e-tuppences?
We could drill holes in them and use them as washers for plumbing repairs — they would be cheaper than the real things; there could be a bonanza for charities; or we could offer them to the bondholders in full settlement.
How long before the “new cents” become another “nuisance”?