The ECB, as the European institution at the heart of the Eurosystem, has a particular role to play, and not just in terms of monetary policy in general.
As the central bank which authorises the issuance of euro banknotes,8 the ECB is also responsible in particular for protecting the status of 2/5  BIS central bankers' speeches  euro cash as the sole legal tender. This includes guaranteeing the existence of euro cash and its usability as legal tender.