Abstract
In early 2016 the Governing Council of the European Central Bank announced that it has reached a formal decision to stop production and issuance of the €500 banknote by the end of 2018. This decision was ostensibly taken due to concerns that the Eurozone’s highest denomination banknote could be used to facilitate illegal activities of both a criminal and terrorist nature. Nevertheless, a host of significant questions remain about how this decision will affect European citizens and their savings, especially against the current backdrop of lacklustre financial growth and continued economic fragility.
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