"The ECB suggested Europeans keep between 70€ to 100€ at home, according to its new study published this week. The bank's study titled "Keep calm and carry cash" covers the the role of cash during four recent crises across Europe. The study found that no matter the crisis, whether it be financial, military -such as the war in Ukraine or public health, such as the Covid pandemic, the use and demand for cash increased."
"'Enough to cover needs for 72 hours' The ECB says having cash at home can protect you from electronic payment system failure, which has happened in the past. In the event of a major power outage such as the one in Spain last April, a massive cyberattack or a pandemic, cash provides a "low-cost safeguard against major systemic instability," the document states."
The European Central Bank recommends keeping €70–€100 in cash at home per person to cover essential needs for about 72 hours. Sudden crises such as the 2008 financial turmoil, the 2014–15 Greek sovereign debt crisis, the COVID-19 pandemic and Russia's 2022 invasion triggered immediate surges in public cash acquisition. Cash can protect households from electronic payment system failures caused by power outages, cyberattacks or pandemics and serves as a low-cost safeguard against systemic instability. Authorities in the Netherlands, Austria and Finland advise similar household cash reserves. The bank considers cash a critical component of national crisis preparedness.
Read at The Local France
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