Cash and Crises

France's National Payments Committee urges immediate action to secure future payments sovereignty amid rising geopolitical tensions. Cash is crucial for economic resilience, industrial autonomy and national sovereignty.

The Riksbank supports the proposal for an obligation to accept cash in the sale of essential goods, and to strengthen the banks' responsibility for cash handling. Cash is essential for economic and social inclusion, and for the resilience of the payment system.

Cash remains vital in Germany despite declining usage. A Bundesbank study reveals its importance for reliability, inclusion, and education. While digital payments rise, cash's unique benefits ensure its continued relevance.

On April 28, 2025, Spain Portugal and parts of France experienced a widespread electrical outage that plunged about 55 million people into a pre-electric age. The blackout had significant impacts on digital payments and cash demand, highlighting the vulnerabilities of modern payment systems during infrastructure failures.

Beyond technicalities, cash serves as a unifying force in society that should not be underestimated.

In an era marked by growing global uncertainty, the future of cash is at a critical juncture. As digital payments and financial technologies rapidly evolve, the role of cash is being redefined. However, the focus should not merely be on adapting the cash cycle to these changes, but on proactively shaping it to ensure preparedness and resilience for the challenges ahead.

In a proactive move, the EU recommends every household assemble a 72-hour survival kit, including essentials like food, water, medicine, and cash.

Ever since the Russian invasion began on 24 February 2022, the role of cash has emerged as a critical factor in maintaining economic resilience and supporting the population during this tumultuous period.

As we commemorate the 80th anniversary of the liberation of Auschwitz, it is essential to reflect on the stories of survival and resistance in such harrowing conditions. The role of money—whether in the form of camp-issued Lagergeld, bartered bread, or smuggled valuables—highlights the resourcefulness and humanity of those who endured the unimaginable.

A new paper analyzes the role of a well-functioning cash infrastructure for the stabilizing role of cash and the resilience of cash cycles. It highlights the critical role of the 4 A's - access, availability, acceptance, and affordability - as crucial building blocks of a robust cash infrastructure.

After exceptional growth during the Covid-19 pandemic, global cash demand was negatively impacted by the return of inflation in 2022. Early figures for 2024, indicate that demand is picking up. As central banks vigorously tackle inflation, the precautionary demand for banknotes in the increasingly uncertain world will likely grow. .

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