Piero Cipollone of the ECB discusses the importance of cash, ongoing modernization, and upcoming design changes for euro banknotes to ensure trust, security, and European identity.
In a keynote speech at the House of the Euro, Piero Cipollone, Member of the Executive Board of the ECB, highlighted the significance of euro cash as a symbol of European identity and its role in daily life.
Euro banknotes are used for millions of payments daily, especially smaller ones, and serve as a trusted store of value. Currently, over 31 billion euro banknotes worth more than €1.6 trillion are in circulation, with an annual growth rate of around 3%. Additionally, more than 150 billion euro coins circulate across Europe.
Despite the rise of digital payments, demand for cash remains strong, especially during crises when people seek stability and trust. Cash provides resilience, privacy, financial inclusion, and independence from electronic systems, which is why authorities emphasize its importance in resilience planning.
The ECB and the Eurosystem are working to ensure access to cash through strategic stocks and cooperation with banks and cash handlers. The upcoming Regulation on the legal tender status of euro banknotes and coins aims to reinforce the mandatory acceptance of cash, ensuring trust and accessibility.
To prepare euro banknotes for the future, the ECB is modernizing their security features, exploring sustainable materials, and fostering a connection with users. A redesign process launched in December 2021 aims to make banknotes more relatable through themes like European culture and natural beauty, with public participation ongoing until September 21.
More than 9 million Europeans have participated in the survey, reflecting a strong connection to the currency and a desire to influence its future design. The final decision on new banknotes will be made by the end of the year, ensuring their wide availability and acceptance.
In conclusion, the ECB emphasizes that cash remains vital, and its future involves both physical and digital forms. Euro cash and the digital euro will coexist, strengthening the monetary system. The new banknote designs will embody security, technological advancement, and European identity, with public input shaping their appearance.
Europeans are encouraged to explore the exhibition, participate in the survey, and help shape the future of euro banknotes, reinforcing that the euro belongs to all citizens.
