Switzerland has declared its intention to keep its 1,000-franc note.
The SFr1,000 bill is worth about €900 (£700) and is the most valuable single-denomination note in the world.
The Swiss central bank said there were no plans to scrap it.
European finance ministers last week urged the European Central Bank to consider security concerns around the €500 note because of its use by crime gangs, money launderers, tax dodgers, mafia and terrorists.
The note was introduced in 2002 replacing the 1,000 Deutschmark, the 10,000 Belgian franc and the 500,000 Italian lira
Other countries have dropped high-denomination notes due to links to organised crime. Canada cancelled its $1,000 note in 2000 on the advice of law enforcement officials.
The head of Europol, Rob Wainwright, has also called on the European Central Bank to look at whether it “should continue to produce and circulate these notes that make it easier for criminals and terrorists to hide their business and to fund illegal activities”.
According to Europol, the €500 note accounts for 30% of the value of all the euro notes in circulation.
But a spokesperson for the Swiss central bank said that the bank did not believe the value of the SFr1,000 had any impact on efforts to fight crime.
Comments
is smaller than with lower denomination notes? How exactly does this aid the criminal? Steve O has a point. It is not only criminals who store up wads of untaxable cash. But why should they not just exchange €500 notes for their smaller brethren?
Around 30% of the total value of all euros in circulation are in 500 euro notes. So hundreds of thousands of the allegedly poor are actually quite wealthy and not declaring their taxable wealth. These, not the criminals are the real target.