Europeans flock to cash during times of crisis – ECB research
Study highlights hard currency’s role as ‘spare’ tyre in payments system
Demand for cash skyrockets in the eurozone during periods of crisis, new research from the European Central Bank shows.
The paper’s authors, Francesca Faella and Alejandro Zamora-Pérez, examine four episodes: the peak of the Greek sovereign debt crisis in 2015, the onset of the Covid-19 pandemic in March 2020, Russia’s full-scale invasion of Ukraine in 2022 and the blackout on the Iberian peninsula in April 2025.
Their results, published today (September 24), point to clear spikes in demand for
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