Cipollone defends cash role as banknote redesign advances
The European Central Bank will continue to protect euro cash while developing the digital euro, Executive Board member Piero Cipollone said in Brussels on September 14. Cipollone highlighted legislative efforts on legal tender and the ongoing redesign of euro banknotes.
Trillions in circulation demand legal protection
More than 31 billion euro banknotes worth over €1.6 trillion circulate across 21 euro area countries, expanding at an annual rate of roughly 3 percent.
ECB Executive Board member Piero Cipollone emphasized that cash demand remains robust, serving as an offline crisis buffer during power outages and cyber disruptions.
The European Parliament and EU Council adopted negotiating positions on July 9 for the Single Currency Package, which reinforces the mandatory acceptance of cash and guarantees citizen access.
Cipollone noted that physical cash and the planned digital euro will coexist to ensure Europeans retain direct access to central bank money across all daily payment scenarios.
Nine million votes for new banknotes
The ECB is preparing a comprehensive redesign of euro banknotes, scheduled to enter circulation over the next decade.
Following an initial 2023 consultation that selected “European culture” and “Rivers and birds” as core motifs, the Governing Council shortlisted ten design proposals on July 23. An online public survey running until September 21 has already gathered feedback from over 9 million participants, with a final Governing Council design decision expected by the end of 2026.
Symbolic unity cannot stop digital reality
Reaffirming cash serves primarily to calm public fears about the digital euro.
High survey participation shows symbolic engagement, but it cannot resolve commercial resistance to mandatory cash acceptance.
Legal guarantees will secure resilience, yet market realities continue to favor electronic rails.