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ROME – “The ECB considers that the introduction of a cash back program for electronic payment instruments is disproportionate in light of the possible negative effect that this mechanism could have on the cash payment system and because it undermines the objective of a neutral approach towards various means of payment available “.
This is what we read in a letter (here the document) that the head of supervision of the European Central Bank, Yves Mersch, sent to the Minister of Economy and Roberto Gualtieri on December 14, the last day of his mandate at Eurotower. In the letter, Mersch recalls that, in accordance with European standards, national authorities must consult the ECB on draft legislative provisions that fall within their competence, including, in particular, those relating to means of payment “.” The ECB would appreciate – the letter continues – if the Italian authorities give due consideration to the above observations, fulfilling in future their obligation to consult the ECB, if necessary “.
The letter then acknowledges that “incentivizing transactions through electronic payment instruments for the purchase of goods and services in order to combat tax evasion may, in general, constitute a ‘public interest’ that justifies the disincentive and consequent limitation of use of cash payments “.
However, the amendment could be subject to violations of EU rules, as “such limitations or disincentives must respect the legal tender of euro banknotes enshrined in articles 128 (1) and 282 (3) of the Treaty. Therefore, it would be necessary to demonstrate that limitations affecting the legal tender of euro banknotes are effective in achieving the public objectives that are legitimately intended to be achieved through such limitations. Therefore, there must be clear evidence of that the cash-back mechanism really makes it possible to achieve the public objective of the fight against tax evasion. “
The letter of “reference to the Italian government also says:” Direct or indirect limitations on cash payments must also be “proportional” to the objectives pursued and must be limited to what is necessary to achieve those objectives, especially in light of the fact that that the measures referred to in the Mef decree could push adherents to compete for the largest number of transactions carried out, which, ultimately, would favor adherents who carry out a high number of transactions for limited amounts (that is, , amounts that could otherwise be paid in currency) “.
It must also be taken into account – continues the letter signed by Mersch – that the possibility of paying in cash is still particularly important for certain social groups that, for various legitimate reasons, prefer to use cash rather than other means of payment. Cash is also generally appreciated as a payment tool because, as a legal tender, it is widely accepted, fast, and makes it easy to control the spending of the payer.
It is also a means of payment that allows citizens to instantly settle a transaction and is the only central bank cash settlement method and at face value for which there is no legal possibility of imposing fees for its use. “.
Finally – the letter concludes – cash payments facilitate the inclusion of the entire population in the economy by allowing any subject to settle any type of financial transaction in cash.
