German Advisers Argued ECB Cashless Society
The economic experts of Germany have given their advice regarding the zero-interest rate policy of European Central Bank (ECB) and the possible serious risks it might bring to the country’s financial sector.
Wolfgang Schaeuble, Finance Minister of Germany, have recommended about the limitation of cash transactions about 5,000 euros as a means to fight against illegally-gained money together with the terrorist financing. However, the plan was opposed over by the German nation.
According to reports, there are banks and insurance corporations that ran into financial difficulties, particularly in generating profits and filling in their expenses because of the extremely low-interest rates.
Mario Draghi, President of ECB, mentioned the substantiality of cash as the medium of paying out upon the introduction of the new €50 banknote. The 69-year old Italian economist further stated that the three-quarters of payments in the European region were done by cash, hence its essentiality remains in the economy.
Andrea ForexMart, Official Representative