Piero Cipollone, a member of the European Central Bank's (ECB) Executive Board, has emphasized the importance of safeguarding the role of cash in the euro area. In a speech, Cipollone noted that cash remains a trusted store of value and a means of payment, particularly for smaller transactions. There are currently over 31 billion euro banknotes in circulation, worth more than €1.6 trillion, with an annual growth rate of around 3%. Additionally, there are over 150 billion euro coins in circulation. The ECB is taking steps to protect the role of cash, including investing in the security, sustainability, and resilience of euro banknotes. The bank is also modernizing its banknotes, with a focus on integrating cutting-edge security features and making the materials used to produce them more sustainable. A public survey is currently underway to gather feedback on the design of future euro banknotes, with over 9 million people having already participated. The survey is part of the ECB's efforts to ensure that euro banknotes remain relatable and connected to Europeans. The ECB is also exploring the development of a digital euro, which would complement the existing cash system and provide an additional means of payment. Cipollone emphasized that the future of public money in Europe is both digital and physical, and that the ECB is committed to ensuring that central bank money remains trusted, accessible, and easy to use.
The ECB's efforts to protect and modernize the euro cash system are part of its broader strategy to maintain price stability and preserve the purchasing power of the single currency. The bank's initiatives also aim to promote financial inclusion, protect privacy, and safeguard freedom of choice. With the increasing use of digital payments, the ECB recognizes the importance of ensuring that cash remains a viable and trusted means of payment. The public survey on the design of future euro banknotes is an opportunity for Europeans to have a say in the future of their currency and to help shape the appearance of the banknotes. The ECB's commitment to protecting and modernizing the euro cash system demonstrates its dedication to maintaining a stable and secure monetary system for the benefit of all Europeans.