Some people, especially in Germany, are anxious about the disappearance of cash payments, which for them represent an element of personal freedom. It’s a legitimate argument and I want to reassure them that it’s not about getting rid of banknotes in general; the discussion is only about the € note. Where are the € notes? In which countries?
In this context, priority should be given to measures that incentivize investment in infrastructure, both material and immaterial, and labour market participation. Resources should be concentrated on measures that are clearly directed at supporting economic activity effectively. The common monetary policy responds to the situation of the euro area as a whole.