It is noted that discussion regarding the withdrawal from circulation of banknotes of €500 lasted for several months. A formal decision on withdrawal of banknotes has not yet been made. The meeting of the ECB governing Council, which will be discussed in this decision, scheduled for 4 may.
However, since December the number of outstanding banknotes in €500 reduced gradually. This is evidenced by the monthly report of the ECB, according to which the number of banknotes from December 2015 to March 2016 has decreased from 613 559 542 to 594 417 006 pieces.
Thus, the government withdrew from circulation of almost 20 million banknotes with a total value of almost €10 billion, the newspaper notes.
Among the reasons why the ECB is forced to go on this measure, the magazine says that the widespread use of banknotes with the highest in the Euro area denominated in criminal business.