EU Banknotes in Circulation Rise to €1.6bn by 2026 Amid Concerns Over War, Wildfires, and Cyber-Attacks

Source Summary

The value of banknotes in circulation in the European Union is increasing from €1 billion in 2016 to €1.6 billion in 2026, according to data presented by Philip Lane, chief economist of the European Central Bank, at the MacGill summer school conference in Ireland. The growth occurs despite the prevalence of smartphone and contactless payments in many European cities, with wildfires and concerns over war and cyber-attacks driving demand for emergency cash reserves.