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ECB official says euro cash remains key to monetary future
The ECB says more than 31 billion euro banknotes worth over €1.6 trillion are in circulation, with annual growth of about 3%.
The ECB argues that euro cash remains an indispensable part of Europe’s monetary future, saying banknotes are both a visible symbol of the shared currency and a practical payment tool used in daily life. In remarks by ECB official Piero Cipollone, the ECB points to the scale of cash in circulation, saying there are more than 31 billion euro banknotes worth over €1.6 trillion and over 150 billion euro coins. The central bank also said annual growth in banknotes is around 3%, adding that demand for cash has remained strong even as payments become more digital.
The ECB linked the need for cash to moments of uncertainty, saying recent crises showed people want to hold even more cash when conditions become unclear. It also cited attributes such as trust, privacy, financial inclusion, and resilience, arguing cash helps keep payment systems functioning if other payment methods are disrupted.
According to the ECB, cash supports freedom of choice because it is directly accessible to every citizen without intermediaries or devices, and it is the only form of money all citizens can hold on their own. The remarks also noted that the euro area now spans 21 countries and more than 358 million citizens, after Bulgaria joined earlier this year.