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Standing up for Cash

Categories : Cash is efficient
April 27, 2016
Published in : Currency, Europe, Privacy and anonymity, Universality, Usage, User-friendly
Doris Schneeberger believes there is no proven link between crime and the use of cash.
Cash Essentials

Head of ECB’s currency management division, Doris Schneeberger, made her stance clear during the Future of Cash Conference, held 11-12 April 2016, in Paris. She stated there is “no statistically demonstrable link between crime and the use of cash” – a comment that comes at the height of the EU’s discussions on whether to abolish Europe’s highest denomination banknote, the 500-euro note.

 

Schneeberger’s arguments are supported by facts. For example, the shadow economy in Sweden is greater than in Germany – and this despite it often being praised as a country on the brink of going cashless. Furthermore, following the financial crisis, there was a net increase in 500-euro note usage in Greece, pointing to another issue: cash being a secure store of value in times of uncertainty.

 

Alain Gerbier of the Banque de France presented statistics proving an overall growth in cash usage – 6.1% in France and 5.1% in the Eurozone – suggesting that cash is here to stay.

 

To read the full article, please click here (original in German). 

 

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