On April 28th, 2020, Fabio Panetta—a member of the Executive Board of the European Central Bank (ECB)— published a blog expanding on why the payments system, and cash in particular, is so critical to all citizens.
The article, titled, "Beyond monetary policy – protecting the continuity and safety of payments during the coronavirus crisis", sheds light on some of the crucial (though largely underrated) work for establishing socio-economic stability in times of uncertainty. Unsurprisingly, keeping cash accessible plays an important part.
Recent speculation on how demand for banknotes and coins has changed amidst the current pandemic makes this read essential for the payments debate. While by nature, the use of cash is unpredictable and immeasurable, Panetta explains why cash continues to be "the dominant means of payment for consumers" and of "fundamental importance for the inclusion of socially vulnerable citizens, such as elderly or lower-income groups".
