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ECB backs cash as a means to settle payments

By John Smith • Published: 03 Dec 2020 • 18:15

THE European Central Bank (ECB) is committed to ensuring that cash is readily acceptable around the euro zone according to Board member Fabio Panetta even though there appears to be an overall increase in digital payments.

Panetta warns however that people should keep in mind that digital payments can be relatively easily disrupted by power cuts, hackers and technical failures.

He commented “In such situations, cash can support resilience in payments: owing to its unique features, it provides a crucial backstop and a trusted store of value.”

Thank you for taking the time to read this news article “ECB backs cash as a means to settle payments”.

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John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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