Germany’s usually very popular Minister of Finance, Wolfgang Schäuble (73), has proposed on Thursday to introduce a cap on cash payments in order to more effectively combat laundering money and financing terrorist organisations. The German public reacted vigorously against the proposal.

Schäuble suggested that a 5,000-euro limit be placed on cash transactions, but that it would be need to be implemented at a Europe-wide level in order to be effective. In France there already are lower cash transaction limits. According to Bundesbank statistics, 79 percent of payments are made in cash in Germany, according to Bundesbank statistics.

The Sueddeutsche Zeitung newspaper warned against the negative effects on important sectors such as skilled trades and crafts or the second-hand car sales. The Bild newspaper has also already published a series of articles against the idea of a cap on cash transactions.