ECB President Mario Draghi said members of the EU Parliament, the ECB board occupied himself for some time with the issue, and there is technical work. “We want to make changes, but we want them in an orderly manner.” A decision had not yet been made, Draghi said accordingly. These remarks last Monday by the central bank sent on request. The “Frankfurter Allgemeine Zeitung” (Friday) had earlier reported that there were concrete preparations to abolish the 500-euro note, the highest note of the Euro zone.
Make a decision on abolition would meet the Governing Council in which the governors of the 19 national central banks sit. Bundesbank President Jens Weidmann had recently shown in a skeptical “FAZ” interview whether the crime can be fought by cash constraints. “Do you think that criminal acts be avoided because there is no longer the 500-euro note? The extent to which a ban on large cash transactions prevents illegal activities, an open question is also, “said Germany’s top central bankers.
The Government plans to introduce an upper limit on cash payments ensured meanwhile continue for discussion. The chairman of the Union faction in the Bundestag Finance Committee, Hans Michelbach (CSU), criticized on Thursday: “A cash limit is a justifiable nothing intervention in the freedom of the citizens.” People would put under general suspicion just because they wanted to pay higher bills in cash.
As a possible upper limit 5000 Euro are the part of the Federal government has been called – especially around the financial flows of terrorists dry up. Bundesbank board member Carl-Ludwig Thiele expressed skepticism. “For the citizens of any restriction of the use of cash means a loss of personal economic liberty,” Thiele said the “Neue Osnabrücker Zeitung” (Thursday). Cash payments are still an important part of economic life in Germany.
The appearing in Oldenburg “Nordwest-Zeitung” (Thursday) said Thiele, he doubted that the objectives of combating terrorism and money laundering could be achieved with an upper limit. “The introduction must be carefully discussed,” Thiele.
Michelbach said rejected the argument of the fight against crime also back. “If the cash limit would be an effective means of combating crime, there should be no more Mafia in Italy long ago. The opposite is the case. “
In Italy, since January is considered a cash limit of 3000 euros, earlier it was 1000 euros. In France since September cash ceilings for bills and purchases of 1,000 euros for tax-French and up to EUR 15 000 for cash payers from abroad. The government justified this with the fight against illicit financial flows and financing of terrorism.
In Spain, the conservative government of Prime Minister Mariano Rajoy in 2012 introduced a ceiling of 2,500 euros for cash in order to combat tax fraud and undeclared work. This limit applies not to transactions between private individuals.
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