Cipollone affirms euro cash role as union marks 25 years
European Central Bank Executive Board member Piero Cipollone reaffirmed the central bank's commitment to euro cash during a speech in Brussels. Marking 25 years since the currency changeover, Cipollone stressed that banknotes remain indispensable as the euro area expands to 21 nations.
From twelve currencies to 358 million citizens
Speaking at the House of the Euro in Brussels, European Central Bank Executive Board member Piero Cipollone outlined the historical expansion and enduring significance of euro physical currency.
On January 1, 2002, 308 million citizens began using euro cash as more than 7 billion banknotes and 36 billion coins replaced 12 national currencies within two months.
Following the accession of Bulgaria earlier this year, the currency union has expanded to encompass 21 countries and more than 358 million citizens.
Cipollone presented physical cash as both a primary payment instrument and an anchor of European integration.
Designing banknotes for the next decade
The ECB is preparing the next generation of banknotes to ensure physical money remains secure, accessible, and resilient in a digitalizing payments landscape.
Cipollone emphasized that updating euro cash is not driven by nostalgia for past milestones, but by its vital ongoing function.
“Euro cash is still an indispensable part of Europe's monetary future,” Cipollone noted during his address.
The Eurosystem continues to invest in banknote research and design to ensure broad availability across all 21 member states.
Symbolic defense meets commercial reality
Cipollone delivers a strong institutional defense of physical tender alongside digital euro developments.
Yet treating banknotes as identity anchors ignores the reality of shrinking transactional acceptance across stores.
Without binding acceptance rules, high-level backing will not protect the everyday usability of physical euros.