10 Questions
What will the European Central Bank stop producing?
The 500-euro banknote
What is the 500-euro banknote popular among?
Criminals
When will the 500-euro banknote be phased out completely?
2018
What do money experts say about the decision by the EU's main banking authority?
It is a good decision
What will criminals find more difficult to do with smaller banknotes?
Move large amounts of money
What can be exchanged at national central banks of EU states?
The 500-euro banknote
What is the main banking authority of the EU?
The European Central Bank
What is the 500-euro banknote used for?
Moving large amounts of money
What is the main purpose of phasing out the 500-euro banknote?
To reduce crime
What do money experts welcome?
The phasing out of the 500-euro banknote
Study Notes
- The European Central Bank has announced that it will stop producing the 500-euro banknote.
- This banknote has become popular among money launderers, drug traffickers, and terrorists, who move large amounts of money in small bags or briefcases.
- The 500-euro banknote will be phased out completely by 2018. It can be exchanged at national central banks of EU states at any time after this date.
- Money experts welcome the decision by the EU's main banking authority. They say that with smaller banknotes criminals will find it more difficult to handle large amounts of money without being noticed.
What is the European Central Bank doing? The European Central Bank (ECB) announced that it will stop producing the 500-euro banknote. This banknote has become popular among money launderers, drug traffickers, and terrorists, who move large amounts of money in small bags or briefcases. The 500-euro banknote will be phased out completely by 2018. It can be exchanged at national central banks of EU states at any time after this date.
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