As a result, the ECB has suggested storing some extra banknotes at home just in case electronic payment systems fail. In other words, most people across Europe are used to paying with their bank cards or via telephone apps but if these fail in a crisis, then the cash will be vital, the bank says. '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.
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.
"The onset of sudden crises such as the 2008 financial turmoil, the 2014-15 sovereign debt crisis in Greece, the outbreak of the COVID-19 pandemic or Russia's unjustified full-scale invasion of Ukraine in 2022 triggered immediate and extreme surges in cash acquisition by the public,"