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ECB Wants Proof that 500€ Helps Criminals

Categories : Cash is trust
February 4, 2016
Published in : Cash circulation policies, Denomination mix, Europe, Trust
ECB wants evidence of the 500€ note's facilitation of criminal activities before abolishing it.
Communication Team

The ongoing debate around the future of the 500€ note is yet to be settled. ECB officials are currently requesting evidence to prove that high-denomination notes facilitate criminal activity before taking any further action.

ECB President, Mario Draghi, said that a study on the subject is under way in line with the European Commission’s action plan to crack down on terrorist financing. “There are questions on how best to implement a decision, and how to communicate this,” stated Draghi. “We want to make changes, but we want to make changes in an orderly fashion. But rest assured that we are determined not to make seigniorage a comfort for criminals.”

To read the original article by Zoe Schneeweiss, please click here

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