The Council of the European Central Bank (ECB) decided to permanently abolish the creation of the EUR 500 banknote and to exclude it from the series of upgraded euro banknotes in the European series adopted in May 2016. The reason for the decision was the risk of easily using large amounts of terrorism and money laundering.

The German Bundesbank's central bank has seen no interest in banknotes for 500 euros in recent days; their demand from the beginning of the year is considered stable. "There was no unusual activity," said a member of the Bundesbank Board Johannes Beerman.

€ 500 banknotes, although not issued by central banks, remain legal tender in the euro area. At the end of last year, all banknotes, measured by the volume of banknotes in circulation, were respectively 2.3% and 21.2%.

At the end of May, as the last two denominations in a series of banknotes, central banks will send out new banknotes of 100 and 200 euros. This will lead to a complete update of banknote security as the ECB has already refurbished the banknotes with 10, 20 and 50 euros.