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European Research Network on Currency Analysis (EURECA)
Purpose
Cash is attracting increasing interest from policymakers and academics, with cash-related policies becoming ever more common worldwide. However, literature on the different uses of cash, its benefits and costs to society and the effectiveness of proposed policies is still relatively scarce.
Against this background, the Eurosystem Research Network on Cash (EURECA) was launched in July 2017 to pool research efforts and promote studies on cash-related topics. The topics discussed and researched by EURECA are of scientific interest in general, but also serve as evidence for informing policy decisions.
Participation
This network includes economists and cash experts from the ECB and Eurosystem national central banks (NCBs). External collaborators working on cash-related topics are also encouraged to participate.
Topics
EURECA members conduct research on a range of topics related to cash and share information on ongoing research by NCBs and academic researchers. Examples include:
Modelling and forecasting the demand for euro banknotes
Although there is ample literature on broader money demand, empirical work on the factors driving the demand for cash is still relatively scarce, in particular for the different euro banknote denominations. In 2019, under the umbrella of EURECA, a work stream developed a new framework for forecasting the demand for euro banknotes.
Surveys on the use of cash
The ECB and NCBs conduct studies together and individually on cash usage to understand the demand for cash and the payment behaviour of consumers in the euro area in general.
Cash holdings outside the euro area
A substantial share of euro banknotes is held outside the euro area. Estimating the share of demand from abroad and understanding the motives for it is one of the main focuses of this network’s research.
References
EURECA is primarily a platform to share information. As part of these efforts, the network maintains a comprehensive list of references for research conducted on cash in the European Union.
ECB publications on cash-related topics
- 24 September 2025
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 6, 2025Details
- Abstract
- Despite payment digitisation, euro banknote demand remains robust and has sharply intensified during crises. This article examines the role of cash as a safe haven and contingency instrument during four diverse crisis episodes in the euro area (the COVID-19 pandemic, Russia’s invasion of Ukraine, the April 2025 Iberian blackout and the Greek sovereign debt crisis), each differing in shock type (health, geopolitical, infrastructure, sovereign debt) and geographical scope (euro area-wide, regional and national). We combine descriptive analysis of monthly and daily currency data with Bayesian causal impact models using daily net issuance and automated teller machine (ATM) withdrawals. This allows us, for the first time in this context, to statistically attribute significant public demand surges to specific shocks. The results highlight that the unique attributes of cash – its tangibility, offline functionality and status as a direct central bank liability – become paramount during stress, across different types of crises and geographies, fulfilling specific roles in each case. We argue that, beyond individual utility, cash provides crucial system-wide benefits such as payment redundancy and decentralised liquidity. These findings underscore the importance of policies ensuring continued access to cash and recognising its fundamental contribution to economic stability and crisis preparedness.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
H12 : Public Economics→Structure and Scope of Government→Crisis Management
C54 : Mathematical and Quantitative Methods→Econometric Modeling→Quantitative Policy Modeling - Network
- Eurosystem Research Network on Cash (EURECA)
- 4 August 2025
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 5, 2025Details
- Abstract
- Understanding the future of the demand for cash calls for an analysis that separates secular trends and age-related behaviours on different cash usage indicators. This article uses data from the 2019, 2022 and 2024 editions of the Eurosystem study on the payment attitudes of consumers in the euro area (SPACE) survey. It applies an age-period-cohort-interaction (APC-I) framework to illuminate patterns in transactional cash use, precautionary cash hoarding and the perceived importance of cash. Our findings reveal significant period effects, including sustained trends (such as a decline in transactional cash use and an increased reported importance of having cash as an available option) and temporary changes (like a post-pandemic peak in cash hoarding). Age effects are a significant factor shaping cash habits: youngest cohorts (18-27) are characterised by a higher propensity to hoard cash than older groups, paired with average transactional cash use. Meanwhile, cash use in everyday transactions is led by older demographics (63-77), while middle-aged cohorts (28-47) tend to use cash less. Cohort analysis reveals that beneath the general rise in the stated importance of cash across all ages, specific birth cohorts exhibit distinct attitudes. Our analysis indicates that cash fulfils enduring, albeit evolving, roles across different demographic groups, particularly for younger people. The article concludes by discussing policy challenges that will need to be addressed to continue fostering a resilient and inclusive payment system that accommodates digital innovation alongside cash.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
J10 : Labor and Demographic Economics→Demographic Economics→General
C31 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Cross-Sectional Models, Spatial Models, Treatment Effect Models, Quantile Regressions, Social Interaction Models - Network
- Eurosystem Research Network on Cash (EURECA)
- 19 December 2024
- STUDY ON THE PAYMENT ATTITUDES OF CONSUMERS IN THE EURO AREA (SPACE)Details
- Network
- Eurosystem Research Network on Cash (EURECA)
Annexes- 19 December 2024
- STUDY ON THE PAYMENT ATTITUDES OF CONSUMERS IN THE EURO AREA (SPACE)
- 19 December 2024
- STUDY ON THE PAYMENT ATTITUDES OF CONSUMERS IN THE EURO AREA (SPACE)
- 19 December 2024
- STUDY ON THE PAYMENT ATTITUDES OF CONSUMERS IN THE EURO AREA (SPACE)
- 19 December 2024
- STUDY ON THE PAYMENT ATTITUDES OF CONSUMERS IN THE EURO AREA (SPACE)
- 16 April 2024
- WORKING PAPER SERIES - No. 2926Details
- Abstract
- We shed light on the demand for a central bank digital currency (CBDC) as a means of payment, based on survey payment data. We provide a quantitative framework to assess transactional demand for CBDC at the point of sale, accommodating a wide range of design choices. We develop a structural model of payment means adoption and usage and estimate CBDC demand based on individuals’ preferences for payment method attributes. We disentangle the friction potentially associated to CBDC adoption, assessing two of its potential drivers: information frictions and gradual diffusion of digital payment methods. We find that modelling adoption is key to understanding CBDC demand. Finally, we show that optimal CBDC design, information campaigns, and network effects can substantially boost demand.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
E47 : Macroeconomics and Monetary Economics→Money and Interest Rates→Forecasting and Simulation: Models and Applications - Network
- Eurosystem Research Network on Cash (EURECA)
- 18 March 2024
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 2, 2024Details
- Abstract
- This article uses comprehensive ECB survey data to examine the narrative that a general shift towards digital payments is generating a sharp divide in payments behaviours, creating a binary world of digital “haves” and analogue “have-nots”. Our analysis challenges this narrative, revealing a more complex reality of payment behaviours at the point of sale. We focus on lack of ownership of the primary tools enabling digital payments in the euro area: debit or credit cards and payment accounts. In particular, we examine the group of people who lack at least one of these tools (either a debit or credit card or a payment account), assessing their cash payment patterns and their socio-demographic profiles against the rest of the population. The findings establish that cash remains a significant part of the payments ecosystem, even among people with both cards and accounts. Additionally, we show that the group of people without either cards or accounts has a diverse demographic profile. The analysis also assesses the reasons behind not having at least one of these two tools to enable digital payments. We show that perceived physical banking presence (defined as considering it easy to reach a bank branch or an ATM) is of limited importance, suggesting that personal choice or other demand-side factors may be of greater importance. We also show the relevance of payment habits through the persistence of cash habits even after the coronavirus (COVID-19) pandemic. The results are in line with the cash and retail payments strategies of the Eurosystem, which emphasise the need for a balanced approach that accommodates both the enduring role of cash and digital innovation.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
O52 : Economic Development, Technological Change, and Growth→Economywide Country Studies→Europe - Network
- Eurosystem Research Network on Cash (EURECA)
- 20 December 2022
- STUDY ON THE PAYMENT ATTITUDES OF CONSUMERS IN THE EURO AREA (SPACE)AnnexesRelated
- 20 December 2022
- PRESS RELEASE
- 23 January 2023
- SPEECHIntroductory statement by Fabio Panetta, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament
- 11 October 2022
- OCCASIONAL PAPER SERIES - No. 307Details
- Abstract
- Central banks have been discussing the introduction of a retail central bank digital currency (rCBDC) for some time. However, potential obstacles to its adoption by consumers and retailers remain largely unexplored in the academic and policy literature. This paper surveys the key elements involved in the adoption of any new means of payment and discusses failed and ongoing initiatives with public digital money. It concludes that ensuring the desired level of adoption of rCBDCs may impose significant constraints on central bank design choices and policy goals. In fact, in some settings, central banks may find themselves on the horns of a dilemma in seeking to balance the needs to (i) preserve the central bank’s hierarchy of policy goals, (ii) increase the chances of adoption and use of rCBDCs by consumers and retailers, and (iii) avoid any adverse economic effects.
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis - Network
- Eurosystem Research Network on Cash (EURECA)
- 6 October 2022
- OTHER PUBLICATION
- 2 August 2022
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 5, 2022Details
- Abstract
- In the digital age, innovation in retail payments is influencing payment choice and transforming the payment landscape. However, survey evidence indicates that for the largest share of transactions at the point of sale euro area citizens choose to pay in cash, and some of them have no other payment option. It is a responsibility of central banks to ensure adequate access to cash to guarantee consumers’ freedom to choose their method of payment and to prevent financial exclusion. This article describes the situation as regards access to cash in the euro area and the ongoing work by the Eurosystem to ensure that access to cash remains adequate.
- JEL Code
- E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
R12 : Urban, Rural, Regional, Real Estate, and Transportation Economics→General Regional Economics→Size and Spatial Distributions of Regional Economic Activity
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages - Network
- Eurosystem Research Network on Cash (EURECA)
- 29 July 2021
- OCCASIONAL PAPER SERIES - No. 259Details
- Abstract
- In the light of fears that the SARS-CoV-2 virus might be transmitted via cash – fears that were stoked by statements in the media and from public authorities – this paper aims to address the following issues: (1) to provide a descriptive account of the change in the circulation of euro banknotes and the use of cash in transactions during the pandemic; and (2) to assess the survivability of the virus on cash and the potential transmission risks. The pandemic has caused a significant increase in demand for cash as a store of value but a decrease in the use of cash in transactions. Although citizens reported using cash less in transactions partly out of fear of infection, research confirms that the risk of the virus being transmitted by banknotes and coins is very low. This supports the findings from the scientific community concluding that SARS-CoV-2 mainly spreads via respiratory fluids and airborne transmission, and that surfaces play a very minor role.
- JEL Code
- I10 : Health, Education, and Welfare→Health→General
I12 : Health, Education, and Welfare→Health→Health Production
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies - Network
- Eurosystem Research Network on Cash (EURECA)
- 22 March 2021
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 2, 2021Details
- Abstract
- What explains the strong growth of euro banknote demand, given that the transactional use of banknotes seems to have decreased? Key to explaining this phenomenon – referred to as the “paradox of banknotes” – is acknowledgement of the importance of all three components of banknote demand: euro area transactional demand, euro area store-of-value demand and foreign demand. This article explains these components and estimates their relative size. It also addresses COVID-19-related banknote developments during 2020, highlighting the importance of cash during crises.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies - Network
- Eurosystem Research Network on Cash (EURECA)
- 13 January 2021
- OCCASIONAL PAPER SERIES - No. 253Details
- Abstract
- 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.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E47 : Macroeconomics and Monetary Economics→Money and Interest Rates→Forecasting and Simulation: Models and Applications
E49 : Macroeconomics and Monetary Economics→Money and Interest Rates→Other
E59 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Other
F24 : International Economics→International Factor Movements and International Business→Remittances - Network
- Eurosystem Research Network on Cash (EURECA)
- 2 December 2020
- STUDY ON THE PAYMENT ATTITUDES OF CONSUMERS IN THE EURO AREA (SPACE)Annexes
- 2 December 2020
- OTHER PUBLICATION
- 2 December 2020
- ANNEX
Related- 2 December 2020
- PRESS RELEASEEnglishOTHER LANGUAGES (14) +
- 24 September 2018
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 6, 2018Details
- Abstract
- This article presents the developments in the circulation of euro banknotes and the underlying drivers of cash demand in the euro area and abroad. Cash in circulation is on the rise, both in the euro area and abroad. In addition, data from a survey on the use of cash in the euro area indicates that by volume and number of transactions cash remained the most used payment instrument in 2016. However, the growth in banknote circulation can only partially be explained by transaction demand. Most euro banknotes in circulation are used as a store of value and households and firms inside and outside of the euro area obviously value the option of storing part of their assets in central bank money. Considering the currently low opportunity costs of holding cash, the stored euro banknotes can be expected to return if interest rates were to increase. However, as shown by developments over the past ten years, the store of value function is determined not only by interest rates, but also by external events which cannot be predicted. The demand for banknotes has also been impacted by various additional factors such as the financial and sovereign debt crises, geopolitical uncertainties, exchange rate developments and policy decisions
- JEL Code
- D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems - Network
- Eurosystem Research Network on Cash (EURECA)
- 24 November 2017
- OCCASIONAL PAPER SERIES - No. 201Details
- Abstract
- Although euro banknotes and coins have been in circulation for fifteen years, not much is known about the actual use of cash by households. This paper presents an estimation of the number and value of cash transactions in all 19 euro area countries in 2016, based on survey results. It presents an extensive description of how euro area consumers pay at points of sale (POS). The aim of this study is to shed light on consumers’ payment behaviour and in particular to improve the understanding of consumers’ payment choices at POS, based on a large sample of countries. Therefore, it provides central banks and relevant payment system stakeholders with fundamental information for the development of their policies and strategic decisions that can contribute to improving the efficiency of the cash cycle and the payment system as a whole. Previous estimates of the value of cash usage by households in the euro area date from 2008. Since then some central banks have carried out their own research on cash usage. This paper is the first study to measure the transaction demand for cash in the euro area. The results show that in 2016 around 79% of all payments at POS were made with cash, 19% with cards and 2% with other payment instruments. In terms of value, the market share of main payment instruments was 54% for cash, 39% for cards and 7% for other instruments. However, results show substantial differences between euro area countries.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
D14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal Finance - Network
- Eurosystem Research Network on Cash (EURECA)
Annexes- 13 February 2018
- ANNEX
- 12 October 2018
- ANNEX
- 5 June 2014
- WORKING PAPER SERIES - No. 1685Details
- Abstract
- We measure consumers’ use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany and the Netherlands), and 2012 (the United States). Our paper finds cross-country differences – for example, the level of cash usage differs across countries. Cash has not disappeared as a payment instrument, especially for low-value transactions. We also find that the use of cash is strongly correlated with transaction size, demographics, and point-ofsale characteristics such as merchant card acceptance and venue.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies - Network
- Eurosystem Research Network on Cash (EURECA)
- 5 June 2014
- WORKING PAPER SERIES - No. 1683Details
- Abstract
- This paper investigates the determinants in migrants’ choice of payment channel when transferring money to relatives abroad. We surveyed 1,680 migrants in the Netherlands, identifying five remittance channels: bank services, money transfer operator (MTO) services, in-cash transfers via informal intermediaries, ATM cash withdrawals abroad and carrying cash when travelling back home. To the best of our knowledge, we are the first to present evidence of the role played by general payment habits: migrants who regularly use internet banking for other purposes are more likely to use bank services for remittances as well. However, we also demonstrate that other important drivers exist in determining the choice of payment channels, such as personal characteristics and country-specific factors, (perceived) costs, ease of use and the availability of remittance options. Based on our findings, we suggest that financial education, cost reduction and new (mobile) remittance solutions may serve a valuable role.
- JEL Code
- F24 : International Economics→International Factor Movements and International Business→Remittances
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
C25 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Discrete Regression and Qualitative Choice Models, Discrete Regressors, Proportions - Network
- Eurosystem Research Network on Cash (EURECA)
- 21 April 2004
- WORKING PAPER SERIES - No. 330Details
- Abstract
- The present paper analyses currency in circulation in the euro area since the beginning of the 1980s. After a comprehensive literature review on this topic we present some stylised facts on currency holdings in the euro area countries as well as at an aggregate euro area level. The next chapter develops a theoretical model, which extends traditional money demand models to also incorporate arguments for the informal economy and foreign demand for specific currencies. In the empirical sections we first estimate the demand for euro legacy currencies in total and for small and large denominations within a cointegration framework. We find significant differences between the determinants of holdings of small and large denominations as well as overall currency demand. While small-value banknotes are mainly driven by domestic transactions, the demand for large-value banknotes depends on a short-term interest rate, the exchange rate of the euro as a proxy for foreign demand and inflation variability. Large-value banknotes seem to be therefore used to an important extent as a store of value domestically and abroad. As monetary policy is mainly interested in getting information on the demand for currency used for domestic transactions we also try several approaches in this direction. All the methods applied result in rather low levels of transaction balances used within the euro area of around 25% to 35% of total currency. After this we deal with possibly changing cost-benefit-considerations of the use of cash due to the introduction of euro notes and coins. Overall, there seems no evidence so far of a substantial decline of the demand for currency in the euro area.
- JEL Code
- E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies - Network
- Eurosystem Research Network on Cash (EURECA)
List of recent NCBs publications in the field of cash
Contact
If you are interested in the network’s activities, you can contact EURECA by email at bn-issuedivision@ecb.int