“I find it surprising that a central bank does not consider itself to have a responsibility in this area.” This could be changing. Mario Draghi, the head of the ECB, has said he is determined that the income the bank generates from issuing the notes should not be “a comfort for criminals”. Other members of the ECB’s top team, such as Yves Mersch, contend there is no evidence about the criminal uses of the €500 note. But, amid heightened fears about terrorism, this argument may no longer cut any ice. EU finance ministers have called on policymakers to explore “appropriate restrictions” on high-value notes and report back by 1 May 2016.