The future of euro cash: trusted today, designed for tomorrow

Piero Cipollone, Member of the Executive Board of the European Central Bank (ECB), delivered a keynote speech at the House of the Euro regarding the future of euro cash.

He emphasized that euro banknotes are more than payment tools; they symbolize shared European identity. Since the euro’s introduction in 2002, it has become a key element of European integration, now uniting 21 countries and over 358 million citizens.

Despite digital advancements, demand for cash remains strong, with over 31 billion euro banknotes in circulation, worth over €1.6 trillion, and more than 150 billion euro coins. Cash provides stability, privacy, financial inclusion, and resilience during disruptions.

The ECB supports safeguarding cash through legislation, including the proposed Regulation on the legal tender status of euro banknotes and coins, which aims to reinforce the mandatory acceptance of cash across the euro area.

The ECB ensures cash availability through logistical stocks and contingency reserves, maintaining trust and security in euro banknotes. The ECB also invests in both cash and digital euro to provide accessible, central bank-backed money for all transactions.

To keep euro banknotes relevant, the ECB is modernizing them with enhanced security features, sustainable materials, and designs that foster a connection with Europeans. The redesign process, launched in December 2021, involves public participation, with a survey open until 21 September, receiving over 9 million responses.

The new designs will reflect themes of European culture and natural beauty, aiming to strengthen the emotional bond between citizens and their currency. The final decision is expected by the end of this year.

In conclusion, cash remains vital, and the ECB is committed to protecting and modernizing it while preparing for a coexistence with the digital euro. Both forms will serve Europeans, ensuring a resilient, trusted, and inclusive monetary system.

Citizens are encouraged to participate in shaping the future euro banknotes through the exhibition and survey. The euro belongs to all Europeans, and its future should reflect that shared ownership.