Central Banking

Draghi defends high-value euro banknotes

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Mario Draghi, president of the European Central Bank, has defended the need for high-value euro banknotes in a letter to Nikolaos Salavrakos, a member of the European Parliament.

In the letter, Draghi says it was estimated in the April 2011 Monthly Bulletin that only around one-third of the €200 and €500 banknotes in circulation are used for transaction purposes.

"High-denomination euro banknotes fulfil an important role as a store of value and are a last resort for storing assets both within

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