May 31st, 2017: Last chance to enter your voice for cash into the EU consultation on the limitations of cash payments
May 29, 2017
The European Commission has put out a consultation that asks for the public’s view, your view, on the limitations of cash payments. It plans new legislation on the restriction of cash payments as detailed in its 'Proposal for an EU Initiative on Restrictions on Payments in Cash'.
The main objective is the harmonisation of existing individual national legislation and, 'potential upper limits to cash payments in the EU'. This legislative initiative is part of the Commission’s Action Plan to further step up the fight against the financing of terrorism.
Needless to say, there is no evidence that limiting (or altogether banning) cash will stop criminal activity and plenty of evidence warning of the cultural and economic consequences.
The public has until Wednesday, 31st May 2017 to submit their views* on a policy that will limit cash payments across Europe.
What you need to know
Cash is not just the preferred payment choice in Europe, it is also the only option for 139 million people who do not have a bank account. A limitation on cash payments would contribute to eroding people's faith in their currency, economy and governing bodies.
As it was argued in April by The Scientific Advisory Board of the German Federal Ministry of Economic Affairs & Energy, 'Cash is the only means of payment that guarantees simultaneousness benefit and counter-benefit and thus doesn't require establishing trust between buyer and seller.' Criminalising anyone who would prefer to pay cash for a used car or a large piece of furniture is surely the wrong way of tackling terrorism.
*Note: Think carefully before answering each question. Some are phrased hypothetically and employ double negatives.