“Costs and Benefits to Phasing Out Paper Currency”, presented at the NBER Macroeconomics Annual Conference, 11 April. BIS central bankers’ speeches  5  already perceive a negative nominal interest rate on deposits as an unfair wealth tax and extending it to cash would deepen this perception and affect even more vulnerable members of our society.
Moreover, the current degree of inflation dispersion among the euro area countries is practically the same as that seen in the US, in particular with the available data from 14 US Metropolitan Statistical Areas.