The Case Against Phasing Out Cash

The author critiques proposals by the European Central Bank and European Commission to reduce or eliminate cash transactions. The text argues that while proponents cite the fight against crime and terrorism, the actual motivations are the banking sector's desire to recapture savings held outside the banking circuit and the state's desire for total financial surveillance. The author concludes that political corruption is the primary remaining safeguard for the continued existence of cash.

• Proponents of removing cash, including the European Central Bank, argue that high-denomination banknotes like the 500 euro bill are primarily used by criminals, such as money launderers and tax evaders, to transport large sums of money discreetly.
• Proposed methods to phase out cash include imposing ceilings on cash transactions, with suggested limits ranging from 1,000 to 5,000 Euros, or the outright abolition of cash in favor of electronic payments via cards, phones, or biometric devices.
• The author suggests that banks support the elimination of cash because individuals holding savings outside the banking system prevent banks from earning commissions or inflating their creditworthiness.
• The transition to a cashless society is presented as a threat to privacy, as it would allow tax agents and banks to record and control every transaction, including small gifts, donations, and personal encounters.
• The author asserts that the continued existence of cash is guaranteed by political corruption, as politicians who rely on bribes and kickbacks will oppose the elimination of hard cash.

APA

Behrend, J. (2016). The Case Against Phasing Out Cash. Green European Journal. https://www.greeneuropeanjournal.eu/the-case-against-phasing-out-cash/

Chicago

Behrend, Juan. The Case Against Phasing Out Cash. Green European Journal, 2016. https://www.greeneuropeanjournal.eu/the-case-against-phasing-out-cash/.

Wikipedia

{{cite press release |last1=Behrend |first1=Juan |title=The Case Against Phasing Out Cash |publisher=Green European Journal |date=27 May 2016 |url=https://www.greeneuropeanjournal.eu/the-case-against-phasing-out-cash/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{behrend2016case, author = {Behrend, Juan}, title = {{The Case Against Phasing Out Cash}}, publisher = {Green European Journal}, year = {2016}, month = may, url = {https://www.greeneuropeanjournal.eu/the-case-against-phasing-out-cash/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }