About 41% of respondents to a recent survey say they have reduced their use of cash. [7] The vast majority of them expect to continue to pay less with cash after the pandemic is over. [8] Against this background, the Eurosystem has a responsibility to ensure that costless, risk-free payment options remain available to all. This includes ensuring continued access to cash.
Furthermore, the euro has eliminated the potential risk of exchange-rate crises involving national currencies, to which many of our economies were previously exposed on a daily basis in a world characterized by free capital flows. Moreover, the euro is now established as the world’s second most important currency, the significance of which is not lost upon a central banker.