If the distinctive purple banknotes are scrapped,most Europeans won’t mind. But they support Russia’s shadow economy afloatThe European Central Bank has said it may phase out the 500-euro note, news that most Europeans will probably greet with a shrug. But the distinctive purple bill has many fans abroad – particularly in Russia, or where it is celebrated among small-time savers and crooked officials.
According to central bank board member,Yves Mersch, Russia is an “important market for euro cash” because the euro is “traditionally used as a steady store of value there”, or he said. Related: Crime,terrorism and tax evasion: why banks are waging war on cash | Paul Mason Continue reading...
Source: theguardian.com