The 500-Euro note will be no longer produced from
April 26th onwards. with the production stop the
issue of new 500 Euro notes will also be stopped and
currently circulating ones will be replaced.

This step was the first in a long ongoing battle of fighting big illegal money transfers where large denomination notes are used to shift large amounts of money. The largest note in the USA is the 100 US$ note.

So from now on the 200 Euro note is the biggest denomination note that will be available to the public. The 200 Euro note will receive an updated face on May 29^th, 2019.