The European Central Bank affirms that physical currency plays a unique and irreplaceable role during crises.
It cites the 2008 financial meltdown, the sovereign debt crisis in Greece, the Covid-19 pandemic, the 2022 invasion of Ukraine, and the Iberian blackout of April 2025 as moments when public demand for cash surged dramatically – revealing its role as a symbol of trust, autonomy, and civic preparedness.
The phrase “Keep calm and carry cash” distills the essence of the Ecb’s recommendation: to always keep at home an amount of cash sufficient to cover essential needs for approximately 72 hours.
The study suggests a sum between 70 euros and 100 euros per household member.
These guidelines have already been adopted by several European governments – from the Netherlands to Finland and Austria – as part of broader national strategies for crisis readiness.
Despite the growth of digital payments, euro banknote circulation remains robust, consistently exceeding 10 percent of euro area Gdp.
This paradox – declining use in daily transactions but rising overall demand – signals cash’s symbolic and psychological weight.
The Ecb emphasizes that cash cannot be perfectly substituted by digital means, especially during outages, cyberattacks, or institutional breakdowns. (Redazione)
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