ECB studies and publications

In 2016 the European Central Bank (ECB) began to analyse the use of cash and other payment instruments in euro area countries.

The aim is to shed light on payment behaviour and, in particular, to better understand the nature of household payments.

2023

Product Environmental Footprint study of euro banknotes as a payment instrument

The Eurosystem committed to further reducing environmental impact of banknotes, while ensuring cash is widely available and accepted. This study measures the potential environmental impact of all activities in a full cycle of euro banknotes.

Full report on public preferences for new euro banknote themes

    Banknotes and coins. Annual Report. European Central Bank 2022

    The Annual Report is an annual publication which provides an overview of the institution and of the main activities conducted over the course of the year. It aims to ensure transparency in the Bank’s activities and accountability to society. The section on euro banknotes and coins can be found here.

    2022

    Study on the payment attitudes of consumers in the euro area (SPACE)

    This study analyses the transactions carried out by people at physical points of sale, from person to person and online. It explores the factors that influence people’s payment attitudes and behaviors, payment preferences and access to each payment method. This study helps us to understand consumer demand and the implementation of the Eursosystem’s cash and retail payment strategies.

    Survey on the use of cash by companies in the euro area

    In 2021 the European Central bank launched its first survey on the usage of cash among companies. The purpose of this study was to understand companies’ strategic view on the current and future use and acceptance of cash.

    Banknotes and coins. Annual Report. European Central Bank 2021

    The Annual Report is an annual publication which provides an overview of the institution and of the main activities conducted over the course of the year. It aims to ensure transparency in the Bank’s activities and accountability to society. The section on euro banknotes and coins can be found here.

    2021

    Catch me (if you can): assessing the risk of SARS-CoV-2 transmission via euro cash

    Occasional Paper No 259 / July 2021. Barbora Tamele, Alejandro Zamora-Pérez, Chiara Litardi, John Howes, Eike Steinmann, Daniel Todt)

    In the light of fears that the SARS-CoV-2 virus might be transmitted via cash, this paper aims to assess the survivability of the virus on cash and the potential transmission risks.

    The paradox of banknotes: understanding the demand for cash beyond transactional use

    (ECB Economic Bulletin, Issue 2 / 2021. Alejandro Zamora-Pérez)

    What explains the strong growth in demand for euro banknotes, given that the transactional use of banknotes seems to have decreased? This study explains this phenomenon as the "paradox of banknotes".

    Foreign demand for euro banknotes

    (Occasional Paper No 253 / January 2021. Laure Lalouette, Alejandro Zamora-Pérez, Codruta Rusu, Nikolaus Bartzsch, Emmanuelle Politronacci, Martial Delmas, António Rua, Marco Brandi, Martti Naksi)

    In order to understand why there is a continuous increase in euro banknote circulation even though the use of cash for transactions is decreasing in the euro area – a phenomenon known as the paradox of banknotes – the members of the Overseas workstream of the Eurosystem Research Network on Cash (EURECA) have conducted a study on the foreign demand for euro banknotes. The results of this study are based on desk research using data collected in the Eurosystem and from other organisations, and using both proven and innovative techniques.

    Banknotes and coins. Annual Report 2020. European Central Bank

    The Annual Report is an annual publication which provides an overview of the institution and of the main activities conducted over the course of the year. It aims to ensure transparency in the Bank’s activities and accountability to society. The section on euro banknotes and coins can be found here.

    2020

    Banknotes and coins. Annual Report 2019. European Central Bank

    The Annual Report is an annual publication which provides an overview of the institution and of the main activities conducted over the course of the year. It aims to ensure transparency in the Bank’s activities and accountability to society. The section on euro banknotes and coins can be found here.

    2019

    Study on the payment attitudes of consumers in the euro area (SPACE)

    This study analyses the transactions carried out by people at physical points of sale, from person to person and online. It explores the factors that influence people's payment attitudes and behaviour, payment preferences and access to each payment method. This study helps us to understand consumer demand and the implementation of the Eurosystem's cash and retail payment strategies.

    Banknotes and coins. Annual Report 2018. European Central Bank

    The Annual Report is an annual publication which provides an overview of the institution and of the main activities conducted over the course of the year. It aims to ensure transparency in the Bank’s activities and accountability to society. The section on euro banknotes and coins can be found here.

    2018

    Trends and developments in the use of euro cash over the past ten years

    (ECB Economic Bulletin, Issue 6 / 2018. Laure Lalouette, Henk Esselink)

    This publication analyses the trends and developments in the use of euro cash over the last ten years and reaches the following three conclusions: euro banknote circulation has shown robust average growth above GDP; cash can be expected to remain an important means of payment at points of sale in most euro area countries for the foreseeable future; and most euro banknotes in circulation are used as a store of value in the euro area or are held abroad.

    Banknotes and coins. Annual Report 2017. European Central Bank

    The Annual Report is an annual publication which provides an overview of the institution and of the main activities conducted over the course of the year. It aims to ensure transparency in the Bank’s activities and accountability to society. The section on euro banknotes and coins can be found here.

    2017

    Banknotes and coins. Annual Report 2016. European Central Bank

    The Annual Report is an annual publication which provides an overview of the institution and of the main activities conducted over the course of the year. It aims to ensure transparency in the Bank’s activities and accountability to society. The section on euro banknotes and coins can be found here.

    The use of cash by households in the euro area (SUCH)

    In this publication the ECB has conducted a comprehensive study to analyse the use of cash, cards and other payment instruments used at points of sale by euro area consumers in 2016. This paper presents the results of the study, including an estimation of the number and value of payments made with cash and cards by consumers in the euro area during the period under consideration. The study also assesses the use of each payment instrument by consumers at the country level.

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