Podcast
Questions and Answers
What will the European Central Bank stop producing?
What will the European Central Bank stop producing?
What is the 500-euro banknote popular among?
What is the 500-euro banknote popular among?
When will the 500-euro banknote be phased out completely?
When will the 500-euro banknote be phased out completely?
What do money experts say about the decision by the EU's main banking authority?
What do money experts say about the decision by the EU's main banking authority?
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What will criminals find more difficult to do with smaller banknotes?
What will criminals find more difficult to do with smaller banknotes?
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What can be exchanged at national central banks of EU states?
What can be exchanged at national central banks of EU states?
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What is the main banking authority of the EU?
What is the main banking authority of the EU?
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What is the 500-euro banknote used for?
What is the 500-euro banknote used for?
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What is the main purpose of phasing out the 500-euro banknote?
What is the main purpose of phasing out the 500-euro banknote?
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What do money experts welcome?
What do money experts welcome?
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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.
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Description
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.
