Letter from the ECB to Minister Gualtieri: “You should have asked us about the repayment.” Mef: “Unfounded observations”

Skirmish between Frankfurt and Rome on the subject from the cash bank. The European Central Bank has sent a letter, signed by the council member Yves mersch, to the Treasury to complain of not having been notified in advance of an initiative that has however some effect on the means of payment. “National authorities are obliged to 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 it if the Italian authorities take due account of the above observations, fulfilling in future their obligation to consult the ECB, if necessary ”, reads at the end of the letter. According to some sources, the Hacienda’s response is dry: “The observations are unfounded and only formal.”

The findings referenced refer to the fact that the ECB is considering introducing a cash back program “for electronic payment instruments disproportionate in light of the possible negative effect this mechanism could have on the cash payment system and how it undermines the goal of a neutral approach towards the different means of payment available. “The letter continues:” It would be necessary to demonstrate that the limitations affecting the legal tender of euro banknotes are effective in achieving public ends that it is rightfully meant to be reached through such limitations. Therefore, there must be clear evidence that the cash back mechanism actually achieves the public purpose of combating tax evasion. Consideration comes while the ECB itself is pushing hard on the project of a digital euro because, as the president explained Christine Lagarde “the markets ask us ”.

According to Frankfurt, the measures introduced “It could make subjects adhere to compete for the largest number of transactions made, 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). “In particular,” the special refund of 1,500 euros seems to be designed to encourage the use of electronic payments for limited amounts ”.