April 6, 2017    1 minute read

German Minister: No To Cashless Society

   April 6, 2017    1 minute read

German Minister: No To Cashless Society

Germany’s economy minister has hit out at potential restrictions on cash use, an idea gaining momentum in other parts of the government.

Editor’s Remarks: Brigitte Zypries’ comments, underlining her belief that “cash must remain an important means of payment”, came as a thinly veiled rejection of the proposals gaining traction in Wolfgang Schäuble’s finance ministry, which recently floated the idea of a €5000 ceiling on cash payments. Earlier, the economy ministry’s academic advisers argued in a report that the merits of curtailing cash as a measure against crime and terrorism are limited due to the growth in more high-tech clandestine payment methods. Either way, such moves may not be popular in light of how last year’s decision to phase out the €500 note went down among many central bankers and ordinary savers.

What to watch: Mario Draghi, Brigitte Zypries, Wolfgang Schäuble, Jens Weidmann

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