ECB scraps production of €500 note citing concern over illicit activities

euro-banknotes
The original series of Euro banknotes, including the €500 note

The European Central Bank (ECB) is scrapping the production and issuance of €500 banknotes because of concerns about links to illegal activities, it announced on May 4.

An ECB spokesman says the move "has nothing to do with monetary policy" but is entirely motivated by concerns the banknote could facilitate illicit activities. It will cease to issue the note around the end of 2018.

He rejects any suggestion the decision is an effort to increase the effectiveness of unconventional monetary

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