Moves to abolish the 500-euro note detail? must decide Furthermore the European Central Bank (ECB) – and its president can now detect significant sympathy for such a move first. Supposedly even some preliminary decision to have fallen.
“There is a growing belief that the large bills are also used as a tool for criminal activity,” said ECB chief Mario Draghi at a hearing in European Parliament. This was particularly true for the 500-euro note
At the same time the central bank president wiped a central argument the 500 followers aside. The purple glow is from his view is not necessary for the people in Europe and outside of bank accounts can store larger sums. Savers might as well keep 200-euro notes, as Draghi. Therefore, the possible abolition of the 500-euro notes also does not mean that they wanted to push back the cash generally.
This Draghi confirmed what had already been cited recently: He may be the elimination of the biggest euro note imagine obvious. Decide must also ultimately the 25-member Council, in which the six full-ECB directors and the presidents of the national central banks are represented.
Draghi kept covered to discussion status on this body. The Governing Council and the Executive Board “to think about the subject to”, he told MEPs. Here you proceed very carefully.
Perhaps, however, already dropped a certain preliminary decision. According to a report of the newspaper “Handelsblatt”, the Governing Council adopted a declaration of intent to abolish the 500-euro note recently by a large majority. The written agreed statement of intent is a hint on how a planned in a few months, a final decision is likely to come.
Specifically, the Council should have instructed the Banknote Committee, the technical details to clarify how the 500-euro note could be taken out of circulation. The Committee should clarify this within two to three months. The final decision is then again the Governing Council.
In Fed sources said, this final decision is still open. A spokeswoman for the ECB declined to comment unspecified on proceedings and referred to Draghi’s remarks at the European Parliament.
police and money laundering experts had repeatedly called for the abolition of the 500-euro note, which is among the most valuable banknotes worldwide. According to his critics, he facilitated drug dealers and other criminals their craft. In recent weeks, the discussion had taken it away. In Germany in particular the abolition of the 500-euro note, however, seen critical because many see it as a first step towards the long-term abolition of cash. The Bundesbank had expressed skepticism.
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