Unimpresa clarifies: no alarm, just an analysis of the role of cash in times of crisis
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No alarm, just context
There is no invitation to hoard cash. The recent ECB economic bulletin has been misread by some headlines as a sign of an imminent crisis, but in fact, it is a long-term analysis. The document, highlighted by Unimpresa’s Research Center, simply shows a recurring trend: in times of crisis – from the pandemic to the war in Ukraine – the demand for banknotes rises because they are perceived as safe, immediate, and always available.
The systemic message from the ECB
The European Central Bank stressed that ensuring a robust supply of cash is essential for economic resilience. This is not a call for households to pile up money at home, but rather confirmation that physical cash remains a pillar of trust for citizens and businesses, especially during emergencies.
Paolo Longobardi’s clarification (Unimpresa)
According to Paolo Longobardi, president of Unimpresa, “some headlines suggested the ECB is warning citizens to stockpile banknotes, but that is misleading.” What the bulletin actually shows is that in uncertain conditions, cash is perceived as an immediate refuge. It happened during Covid, after Russia’s invasion of Ukraine, and even during blackouts or natural disasters: banknotes are always usable, with no intermediaries.
Cash and digital euro: two sides of the same coin
The ECB has also made it clear that the digital euro will not replace cash, but complement it. Banknotes will remain a universal, tangible instrument, while digital payments will enable secure transactions even offline. Together, they will form a dual guarantee of stability for citizens and businesses in an economy increasingly reliant on digital tools.
Trust as a systemic value
The conclusion is straightforward: the ECB is asking the public to see cash as a safeguard and the digital euro as a natural step forward in monetary evolution. It’s about balance—tradition and innovation coexisting to reinforce stability and trust in a world marked by geopolitical uncertainty and digital transition.