By Ben Antenore, European Affairs Editorial Assistant
Last week, the German Finance Ministry proposed limiting cash payments in Germany to €5,000. The objective is to combat money laundering and better monitor the financing of terrorism. Throughout Europe, particularly in Scandinavia, there has been a move towards the elimination of cash as a method of payment. In Italy, the government of Prime Minister Mario Monti limited cash payments to €1,000 in an effort to stop tax evasion in 2011. Italy loses €100 billion in unpaid taxes every year. Since then, however, Prime Minister Matteo Renzi’s government has raised limits to €2,999.99.