The European Central Bank has expressed doubt about the economic value of car ‘scrappage’ schemes. Its monthly bulletin for October looks at the effects of incentives for car owners to trade in an old car for a newer one. It says such schemes have been of limited benefit and may ‘undermine overall income and employment prospects in the longer term’. It also says the rise in car sales under scrappage schemes has to be viewed alongside a corresponding drop in sales of other goods.