the days are numbered for the 500-euro bill. The head of the European Central Bank (ECB) Mario Draghi has once again able to enforce and achieved the abolition of purple banknote. And again it was the German Bundesbank, which warned in vain against the consequences of a controversial ECB decision. Never the gap between Draghi and the Germans was deeper.
The reason given for the abolition of the largest banknote to the fight against money laundering, crime, illegal working and Terrorism. But that argument will not wash. Evildoers have nowadays not necessary at all, even with money suitcases to walk through the area. Because even in the network traces of criminal transactions can blur. And where is paid actually bar, this is the future just happened with 200 euro bills.
Leading German economists as the head of the Ifo Institute Clemens Fuest therefore probably guess rightly that Draghi actually comes, continue to push interest rates in negative territory. Because when there is no cash minus interest. The hoarding of cash is small denominations now considerably more difficult and more expensive.
This is true citizens who like to keep a stately reserve fund under the pillow or in the vault, as well as the banks and financial institutions, which prefer large amounts of cash store, rather than to park the money at the ECB against high penalty interest.
the abolition of the 500-euro note restricts the freedom of citizens a small piece. The next even bigger step in this direction would be the introduction of a cap on cash transactions, as sought by Finance Minister Schäuble and by the ECB. And here it is argued threadbare with allegedly improved crime prevention.
Experience in other countries such as Italy or Belgium show that neither the Mafia even with cash-ceilings have a problem terrorists.
In truth cash will be progressively less attractive. Such an approach induces fear that at the end – all protestations despite – but abolishing the so popular, especially in the German cash comes
Nothing to say against that customers consistently pay increasingly electronically because it is so convenient. But for many people means cash coined liberty. And politicians or central bankers should decide over the heads of the citizens, what sums and what bills they must pay in cash.
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