Venue: Friedrich-Naumann-Stiftung for Freedom
Avenue de Cortenbergh 71, 1000 Brussels
About the event
In the future Europeans could live in a cashless society, where actual coins and bills never change hands. Some EU member states, notably in Scandinavia, have facilitated a largely cashless economy, although cash still forms the basis of the economy.
As a part of its efforts to realize a Digital Single Market, the EU Commission has recently updated the Payment Services Directive, attempting to drive down the cost of electronic payments while increasing the safety and security of such payments. Driving the development towards a cashless economy is in part the notion that a cashless economy limits the shadow economy, prevents corruption and increases transfer transparency.
However, this notion is not uncontroversial, and experts argue that there is no causality between the size of the shadow economy and the frequency of cash transactions. Commentators also worry that a cashless economy would make citizens less capable of safeguarding their own savings from bad banks.
How can a cashless economy help reign in the shadow economy? What can be done at EU level to improve cashless transactions across the Union? Where are the gaps in the EU’s strategy towards transparency? and finally, how far are we away from a cashless society?
Hans H. Stein
Director, European and Transatlantic Dialogue, Friedrich Naumann Foundation for Freedom
Dr Friedrich Schneider
Professor of Economics, Johannes Kepler University of Linz
Vice-President of the Lithuanian Free Market Institute
Vice President Public Policy Central Europe, MasterCard
Kindly register for this event by 25 November 2015 at http://tinyurl.com/cashless-future.
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