The idea of removing signs to improve road safety, called "Shared Space," was developed by Dutch traffic specialist Hans Monderman, and is supported by the European Union. The EU will cover half of the 1.2 million euros ($1.66 million) it will cost Bohmte to ditch its traffic lights. Link
Monderman's ideas have already been implemented in the town of Drachten in the north of the Netherlands, where all stop lights, traffic signs, pavements, and street markings have gone. But, only time will tell about the success of this!