ECB Ignores Euro's Falling Value as It Marks 25 Years of Cash

The European Central Bank (ECB) marked its 25th anniversary of euro cash with a speech from Executive Board member Piero Cipollone. He celebrated the currency's launch in 2002, when 308 million citizens across Europe adopted euro banknotes and coins, replacing 12 national currencies within two months.

Cipollone noted that demand for physical cash remains strong even as digital payments proliferate. He argued that people tend to hold more cash during periods of uncertainty, pointing out that 'recent crises have made this particularly clear.'

The ECB reports that more than 31 billion euro banknotes are now in circulation, growing at roughly 3% annually, alongside over 150 billion coins. Cipollone also mentioned the central bank's strategic contingency stock of banknotes.