Overview

• ECB figures show that euro notes in circulation reached €1.564 trillion in March 2025, marking a €300 billion increase since early 2020.
• German households are estimated to hold €395 billion—about 42% of all banknotes—as private reserves.
• Only 23% of survey respondents across nine European countries and Turkey now prefer cash, with contactless payments up to seven times faster.
• Industry experts attribute the cash surge to economic uncertainty driving hoarding, alongside shadow economy transactions and the euro’s reserve-currency role abroad.
• The Bundesbank and security-printing firms stress that maintaining banknote infrastructure is vital to ensure payment resilience during crises.