VDM: abolition of Euro 500 bill ‘criminalises’ metals trade

Germany – The German association of metal traders VDM has voiced its opposition to European Central Bank (ECB) plans to slowly withdraw the Euro 500 bill. This is another step towards a ‘Big Brother’ society for citizens and companies, according to VDM.

Although the number of Euro 500 bills issued by the ECB has been falling since December 2015, the bank aims to reduce these numbers further in order to counter crimes such as money laundering and drugs trading. However, the metals traders organisation is alerting the ECB to what it considers to be the negative consequences of this measure.

‘The ECB’s view that these bills are mainly used by criminals is wrong and is criminalising honest industrial sectors,’ comments VDM’s managing director Ralf Schmitz. ‘The metals trade is already suffering from this suspicion, as many transactions are still cash transactions.’