Banks raised the stakes in fantasy money league

THERE was a time when people could withdraw only €20 and €10 notes from ATMs. Then, some years ago, the banks created fantasy wealth when they programmed their machines to give out only €50 and €20 notes.

In doing so, they may have helped to fuel inflationary tendencies by getting their customers used to dealing in the larger denomination notes.

If there are people nowadays who draw €600 from the hole-in-the-wall three times a week, then I have not met them.