Opinion of the European Central Bank of 11 January 2024 on a constitutional law on cash as legal tender and access to cash (CON/2024/1)
Date: 2024-01-11
Institutions: European Central Bank
Subjects: money

EN 

 ECB-PUBLIC 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 11 January 2024 

on a constitutional law on cash as legal tender and access to cash 

(CON/2024/1) 

Introduction and legal basis 

On 15 June 2023 the National Council of the Slovak Republic  adopted Constitutional Law No 241/2023 

Coll.  which  supplements  the  Constitution  of  the  Slovak  Republic  No  460/19921  (hereinafter  the 

‘Constitutional Law’). The European Central Bank (ECB) has not been consulted by the Slovak authorities 

on the Constitutional Law. 

The ECB has decided to deliver an own initiative opinion on the Constitutional Law. The ECB’s competence 

to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the Functioning of the European 

Union  and  the  second  indent  of  Article  2(1)  of  Council  Decision  98/415/EC2,  as  the  Constitutional  Law 

relates to means of payment. In accordance with the first sentence of Article 17.5 of the Rules of Procedure 

of the European Central Bank, the Governing Council has adopted this opinion. 

1. 

Purpose of the draft law 

1.1  The Constitutional Law supplements the Constitution of the Slovak Republic  (the ‘Constitution’) by 

inserting a new Article 39a in Section Five of Title Two of the Constitution dealing with economic, 

social and cultural rights.  

1.2  The  aim  of  the  new  provision  is  to  guarantee  the  issuance  of  cash  as  legal  tender,  which  the 

Constitutional  Law  now  expressly  establishes  in  the  Constitution3.  The  amendment  to  the 

Constitution  introduced  by  the  Constitutional  Law  further  specifies  that  everyone  has  the  right  to 

make a payment for the purchase of goods and the provision of services using cash as legal tender, 

and that the acceptance of such payment may only be refused for reasonable or generally applicable 

reasons4.  The  right  to  perform  a  cash  transaction  in  a  bank  or  a  branch  of  a  foreign  bank  is 

guaranteed5.  Finally,  the  Constitution,  as  amended  by  the  Constitutional  Law,  specifies  that  the 

conditions and limitations for the use of cash as specified in Article 39a(2) of the Constitution will be 

established by law6. 

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Ústavný  zákon  č.  241/2023  Z.  z.  z 15.  júna  2023,  ktorým  sa  dopĺňa  Ústava  Slovenskej  republiky  č. 460/1992  Zb. 
v znení neskorších predpisov. 

Council Decision of 29 June 1998 on the consultation of the European Central Bank by national authorities regarding 
draft legislative provisions (OJ L 189, 3.7.1998, p. 42). 

Article 39a(1) of the Constitution. 
First sentence of Article 39a(2) of the Constitution. 
Second sentence of Article 39a(2) of the Constitution. 

Article 39a(3) of the Constitution. 

 
 
 
 
 
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1.3  While the explanatory memorandum to the original draft of the Constitutional Law (hereinafter the 

‘first explanatory memorandum’) acknowledges that the existing legislation and experience of the tax 

authorities show that mandatory cashless payments above certain limits in the Slovak legal order  

could be viewed as a measure to limit tax fraud and to combat money laundering, corruption, criminal 

activities and terrorist financing, it also expresses the opinion that everyone7 should have a right to 

pay in cash  if  they  so wish. The first explanatory memorandum  expresses  the  conviction that  the 

right to pay in cash is a key right that everyone has in their commercial relationships, noting various 

recent initiatives introducing gradual restrictions on the right to use cash by various acts of general 

application. Thus, the first explanatory memorandum views the enshrining in the Constitution of the 

right to make payments in cash as necessary to deal with the various attempts to severely restrict or 

even ultimately  eliminate the right to pay in cash,  as well as  the related right to privacy. The  first 

explanatory  memorandum  also  expresses  the  view  that  a  departure  from  cash  could  further 

endanger the right to privacy and lead to further development of cryptocurrencies. It also opines that 

the full abolition of cash payments in the future would endanger low-income people as well as civil 

associations  which  finance  their  charitable  activities  by  fundraising  in  cash.  In  addition,  the 

preservation of the right to pay in cash is considered to contribute to financial literacy among young 

people. More generally, the right to pay in cash is viewed in the first explanatory memorandum in the 

context of the freedom of choice. 

1.4  The  Constitutional  Law  was  adopted  by  the  National  Council  of  the  Slovak  Republic  with  one 

amendment compared to the original draft of the Constitutional Law. As set out in the explanatory 

memorandum  accompanying  the  amendment  to  the  original  draft  of  the  Constitutional  Law 

(hereinafter the ‘second explanatory memorandum’), the right to pay in cash as legal tender could 

be open to abuse if accompanied by a requirement for acceptance of such payment without further 

limitations. The second explanatory memorandum envisages that there may be reasonable reasons 

to refuse cash payments, such as  security concerns (e.g. the risk of robbery or theft) or technical 

reasons (e.g. a payee’s automated vending machine not being equipped to accept cash). Therefore, 

the original draft of the Constitutional Law was amended to provide payees with the right to refuse 

cash  payments  for  reasonable  or  generally  applicable  reasons.  Furthermore,  based  on  the 

understanding expressed in the second explanatory memorandum that the right to cash is almost 

inseparably  linked  to  the  right  to  conduct  cash  banking  operations,  the  original  draft  of  the 

Constitutional Law was also amended to guarantee the right to conduct cash transactions at a bank 

or  a  branch  of  a  foreign  bank  without  the  restrictions  that  apply  to  other  payment  recipients.  The 

second  explanatory  memorandum  expresses  the  view  that  if  banks  did  not  dispense  cash,  for 

example  through  ATMs,  cash  would  gradually  disappear,  thus  undermining  the  proposed 

constitutional right to cash. 

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It is noted that the first explanatory memorandum uses the term ‘citizens’, while the text of the Constitutional Law uses 
the term ‘everyone’. This opinion assumes that the first explanatory memorandum means to refer to everyone when 
using the term ‘citizens’. 

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2. 

General observations  

2.1  Although electronic payment instruments are increasingly used for retail payments in a number of 

Member States, cash continues to play an important role in society and is still widely used throughout 

the  entire  population.  The  ability  to  pay  in  cash  remains  particularly  important  for  those  who,  for 

various legitimate reasons, prefer to use physical money rather than other payment instruments, or 

do not have access to the banking system and electronic means of payment. These groups include 

not  only  elderly  people  but  also  people  with  disabilities,  immigrants,  socially  vulnerable  people, 

minors and others with limited or no access to digital payment services8. Cash is generally also useful 

as a payment instrument because it is widely accepted, fast and facilitates control over the payer’s 

spending.  Moreover,  it  is  currently  the  only  payment  instrument  that  allows  everyone  to  settle  a 

payment  transaction  in  central  bank  money,  which  is  also  settled  instantly  while,  importantly, 

ensuring privacy. Furthermore, cash could play an important role in the event of a disturbance in the 

payment system9 and it is robust against cyber-crime10. Against this backdrop, the ECB welcomes 

that the Constitutional Law aimed at strengthening the availability of cash in Slovakia. 

2.2  The ECB has the exclusive right to authorise the issue of euro banknotes within the Union, and the 

euro  banknotes  issued  by  the  ECB  and  the  national  central  banks  of  the  euro  area  are  the  only 

banknotes with legal tender status within the euro area11. The legal tender status of euro coins is 

provided for in secondary Union law12. 

2.3  The  concept  of  ‘legal  tender’  as  a  means  of  payment  denominated  in  a  currency  unit  has  been 

considered by the Court of Justice of the European Union. In particular, the Court has clarified that 

the concept of ‘legal tender’ signifies that this specific means of payment cannot generally be refused 

in settlement of a debt denominated in the same currency unit, at its full face value, with the effect of 

discharging the debt. In clarifying the concept of ‘legal tender’ under Union law, the Court has taken 

into  consideration  Commission  Recommendation  2010/191/EU13,  which  provides  useful  guidance 

for  the  interpretation  of  the  relevant  provisions  of  Union  law.  Point  1  of  Recommendation 

2010/191/EU states that, where a payment obligation exists, the legal tender of euro banknotes and 

coins should imply (a) mandatory acceptance of those banknotes and coins; (b) their acceptance at 

full face value; and (c) their power to discharge from payment obligations.  According to the Court, 

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See, for example, paragraph 2.4 of Opinion CON/2017/8, paragraph 2.1 of Opinion CON/2019/41, paragraph 9.2.1 of 
Opinion CON/2020/13, paragraph 2.3 of Opinion CON/2020/21, paragraph 7.2.1 of Opinion CON/2021/9, paragraph 
2.1 of CON/2021/18, paragraph 2.1 of Opinion CON/2023/13 and paragraph 1.7 of Opinion CON/2023/31. 
See, for example, paragraph 2.1 of Opinion CON/2019/41, paragraph 9.2.1 of Opinion CON/2020/13 and paragraph 
2.3 of Opinion CON/2021/18. 
See paragraph 2.2 of Opinion CON/2021/32. 

First and third sentences of Article 128(1) of the Treaty and first and third sentence of Article 16 of the Statute of the 
European System of Central Banks and of the European Central Bank.   

Article 11 of Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (OJ L 139, 11.5.1998, 
p. 1).   
Commission  Recommendation  2010/191/EU  of  22 March  2010  on  the  scope  and  effects  of  legal  tender  of  euro 
banknotes and coins (OJ L 83, 30.3.2010, p. 70). 

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this  shows  that  the  concept  of  ‘legal  tender’  encompasses,  inter  alia,  an  obligation  in  principle  to 

accept banknotes and coins denominated in euro for payment purposes14. 

2.4  The Court has clarified that the concept of ‘legal tender’ is a concept of Union law that must be given 

an  autonomous  and  uniform  interpretation  throughout  the  Union15.  Insofar  as  it  allows  the  Union 

legislature to lay down the measures necessary for the use of the euro as the single currency, the 

Court clarified that Article 133 of the Treaty empowers the Union legislature alone to specify the legal 

rules governing the status of legal tender accorded to banknotes and coins denominated in euro, 

insofar as that is necessary for the use of the euro as the single currency. Furthermore, the Union 

legislature’s exclusive competence precludes any competence on the part of the Member States in 

the matter, unless they have been empowered by the Union to do so or for the implementation of 

Union  acts16.  In  this  respect,  the  ECB  notes  that,  on  28  June  2023,  the  Commission  published  a 

proposal for a Regulation of the European Parliament and of the Council on the legal tender of euro 

banknotes and coins (hereinafter the ‘proposed regulation on the legal tender of euro cash’), which 

will establish rules on the legal tender of euro banknotes and coins in binding Union secondary law17. 

The explanatory memorandum of the proposed regulation on the legal tender of euro cash states 

that  discussions  within  the  Euro  Legal  Tender  Expert  Group  (ELTEG)  confirmed  the  existence  of 

uncertainty  and  important  differences  regarding  the  practical  application  of  the  concept  of  legal 

tender across the euro area18. These differences would justify establishing rules on the legal tender 

of euro cash in a regulation adopted under Article 133 of the Treaty.  

3. 

Specific observations  

3.1  Constitutional guarantee of the issuance of cash as legal tender 

Article 39a(1) of the Constitution, introduced by the Constitutional Law, guarantees the issuance of 

cash as legal tender. It thus establishes legal rules governing the status of legal tender accorded to 

banknotes and coins in a Member State which has adopted the euro. This is a competence that has 

been exclusively given to the Union legislature. Therefore, the ECB respectfully suggests that the 

provision of Article 39a(1) of the Constitution is outside of the competence of a Member State whose 

currency is the euro. By specifically guaranteeing the issuance of cash as legal tender, Article 39a(1) 

of the Constitution is, furthermore, not in line with Article 128 of the Treaty, pursuant to which, among 

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See  judgment  of  the  Court  of  Justice  of  26  January  2021,  Hessischer  Rundfunk,  C-422/19  and  C-423/19, 
EU:C:2021:63, paragraphs 46 to 49. 

See  judgment  of  the  Court  of  Justice  of  26  January  2021,  Hessischer  Rundfunk,  C-422/19  and  C-423/19, 
EU:C:2021:63, paragraph 45. 

See  judgment  of  the  Court  of  Justice  of  26  January  2021,  Hessischer  Rundfunk,  C-422/19  and  C-423/19, 
EU:C:2021:63, paragraphs 50 to 52. 

COM(2023) 364 final. See also Opinion CON/2023/31.  
See section 3, page 4 of the explanatory memorandum of the proposed regulation on the legal tender of euro cash 
and the final report of the Euro Legal Tender Expert Group (ELTEG) of 6 July 2022, available on the Commission’s 
website at www.ec.europa.eu. See also Opinion CON/2023/31.  

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others, the issue of euro banknotes by the ECB and national central banks is subject to the ECB’s 

exercise of its exclusive competence to authorise the issue of banknotes within the Union.  

3.2  Constitutional right to make payments in cash 

3.2.1  The first sentence of Article 39a(2) of the Constitution, introduced by the Constitutional Law, specifies 

that everyone has the right to make a payment for the purchase of goods and the provision of services 

using  cash  as  legal  tender,  and  that  the  acceptance  of  such  payment  may  only  be  refused  for 

reasonable or generally applicable reasons.  

3.2.2  In this respect, the Court of Justice has held that the status as legal tender calls only for acceptance 

in principle of banknotes denominated in euro as a means of payment, not for absolute acceptance19. 

The  Court  of  Justice  held  that  the  Union’s  exclusive  competence  in  matters  of  monetary  policy  is 

without prejudice to the competence of the Member States whose currency is the euro in the exercise 

of  their  own  powers,  to  regulate  the  procedures  for  settling  pecuniary  obligations,  whether  under 

public law or private law, provided, in particular, that the legislation does not affect the principle that, 

as a general rule, it must be possible to discharge a payment obligation in cash20. The Court has also 

held that one must assess the objective and content of a national law measure that provides for an 

obligation to accept euro cash to determine whether that has been adopted within the framework of 

the Member States’ own competences21.  

3.2.3  It must therefore be considered whether Article 39a(2) of the Constitution, in the light of its objective 

and content, establishes legal rules governing the status of legal tender of euro banknotes, an area 

of exclusive competence of the Union under Article 133 of the Treaty, or is a measure taken in the 

exercise of a competence of the Member States.  

3.2.4  The  first  sentence  of  Article  39a(2)  of  the  Constitution  sets  out  a  general  principle  of  mandatory 

acceptance and a framework for exemptions, which are to be further specified by law. In this regard, 

this general principle is connected with the constitutional enshrinement of the issuance of legal tender 

under Article 39a(1) of the Constitution. This can be seen from the wording of the provision22, from 

the  first  explanatory  memorandum23,  and  from  the  fact  that  this  right  is  recognised  in  respect  of 

everyone. It therefore appears that the content and objective of the first sentence of Article 39a(2) of 

the Constitution, as also specified in the first explanatory memorandum, is to ensure the acceptance 

of cash as legal tender  as a right of general application, with the exemptions phrased  only on the 

basis  of  general  principles  of  reasonableness  and  generally  applicable  reasons.  The  ECB  thus 

understands that Article 39a(2) of the Constitution, in the light of its objective and content, does not 

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See  judgment  of  the  Court  of  Justice  of  26  January  2021,  Hessischer  Rundfunk,  C-422/19  and  C-423/19, 
EU:C:2021:63, paragraph 55. 
It is noted that Member States may introduce stricter rules in the exercise of their own powers. 

See  judgment  of  the  Court  of  Justice  of  26  January  2021,  Hessischer  Rundfunk,  C-422/19  and  C-423/19, 
EU:C:2021:63, paragraphs 56 to 58. 

Article 39a(2) expressly mentions the right to pay using cash as legal tender.  
The explanatory memorandum explains that the proposal enshrines the right to make payments for the purchase of 
goods and the provision of services in cash as legal tender in subpart five of Title two of the Constitution, which covers 
economic, social, and cultural rights as part of fundamental rights and freedoms. It is proposed that a constitutional 
guarantee should be given to the issuance of cash as legal tender, which will ensure the practical implementation of 
this right in the abovementioned financial transactions. 

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regulate  the  procedures  for  settling  pecuniary  obligations  in  the  exercise  of  national  powers24  but 

rather appears to regulate the status of euro cash as legal tender. 

3.3  Direct applicability of provisions of Union law  

3.3.1  The ECB underlines that the reproduction in national law of a provision of Union law that is directly 

applicable in the legal order of the Member State may create uncertainty both as to the legal nature 

of the applicable  provision  and  as to the date  of  its entry into force. This would  not align with the 

uniform application and interpretation of Union law throughout the Union25.  

3.3.2  Furthermore,  the  ECB  also  underlines  that  the  incorporation  of  some  elements  of  Union  law  into 

national law is warranted only in exceptional circumstances for the sake of coherence and to make 

them  comprehensible  to  the  persons  to  whom  they  apply26.  If  such  exceptional  circumstances  do 

exist,  the  reproduction  of  elements  of  directly  applicable  provisions  of  Union  law  should  be  done 

precisely,  by  incorporation  or  reference27,  and  only  to  the  extent  warranted  by  the  exceptional 

circumstances.  However,  such  exceptional  circumstances  do  not  exist  if  the  directly  applicable 

provisions of Union law are sufficiently coherent and comprehensive, making it unnecessary to repeat 

or reflect them in national law28. 

3.3.3  Article 39a(1) of the Constitution can be said to reiterate provisions of Union law, namely Article 128 

of the Treaty and Article 11 of Regulation (EC) No 974/98.  It does this, however, in an inaccurate 

manner,  as  explained  in  paragraph  3.1.  Article  39a(2)  establishes  the  right  for  everyone  to  make 

payments  in  cash.  It  accordingly  appears  to  regulate  the  status  of  euro  cash  as  legal  tender,  as 

explained  in  paragraph  3.2.4.  However,  the  mandatory  acceptance  of  euro  banknotes  and  coins, 

which the right to make payments in cash seems to protect, is laid down in significantly different terms 

than those used in Union law. According to Recommendation 2010/191/EU,  on which the Court of 

Justice  relied  when  interpreting  Article  128(1)  of  the  Treaty  and  Article  11  of  Regulation  (EC)  No 

974/9829, the first defining element of the concept of legal tender is the mandatory acceptance of euro 

banknotes and coins where a payment obligation exists30. In the same vein, the proposed regulation 

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30 

See paragraph 3.2.2 of this Opinion. 

See judgment of the Court of Justice of 7 February 1973, Commission v Italy, C-39/72, EU:C:1973:13, paragraphs 16 
and 17; judgment of the Court of Justice of 10 October 1973, Variola, C-34/73, EU:C:1973:101, paragraphs 9 to 11; 
and judgment of the Court of Justice of 2 February 1977, Amsterdam Bulb, C-50/76, EU:C:1977:13, paragraphs 5 to 
8. See also paragraph 12 of Opinion CON/2005/21, paragraph 2.1 of Opinion CON/2006/10, paragraph 2.4 of Opinion 
CON/2006/29,  paragraph  2.1  of  Opinion  CON/2007/1,  paragraph  2.2  of  Opinion  CON/2007/43,  paragraph  2.3  of 
Opinion CON/2022/15, paragraph 2.3 of Opinion CON/2023/27 and paragraph 2.2.5 of Opinion CON/2023/33. 

See paragraph 12 of Opinion CON/2005/21 with reference to the judgment of the Court of Justice of 28 March 1985, 
Commission  v  Italian  Republic,  C-272/83,  EU:C:1985:147,  paragraph  2.4  of  Opinion  CON/2022/15  and  paragraph 
2.2.6 of Opinion CON/2023/33. See a contrario also paragraph 2.2 of Opinion CON/2006/10. 

See paragraph 2.2 (footnote 6) of Opinion CON/2007/43, paragraph 2.4 of Opinion CON/2022/15 and paragraph 2.2.6 
of Opinion CON/2023/33. 

See  paragraph  13  of  Opinion  CON/2005/21,  paragraphs  2.2  and  3.2  of  Opinion  CON/2006/10,  paragraph  2.4  of 
Opinion CON/2022/15 and paragraph 2.2.6 of Opinion CON/2023/33. 

In Joined Cases C-422-19 and C-423/19 the Court established that the concept of legal tender is a concept of Union 
law that must be given autonomous and uniform interpretation throughout the Union. When referring to the concept of 
legal tender the Court considered Recommendation 2010/191/EU. The Court recalled that, although recommendations 
are not intended to be binding, they are among the legal acts of the Union and the Court may therefore take them into 
consideration where they provide useful guidance for the interpretation of the relevant provisions of Union law. See 
judgment of the Court of Justice of 26 January 2021, Hessischer Rundfunk, C-422/19 and C-423/19, EU:C:2021:63, 
paragraphs 45 and 48.  
See point 1(a) of  Commission Recommendation 2010/191/EU of 22 March 2010 on the scope and effects of legal 
tender of euro banknotes and coins (OJ L 83, 30.3.2010, p. 70). 

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on the legal tender of euro cash, which is currently being negotiated by the co-legislators, states that 

the mandatory acceptance of euro banknotes and coins is one of the key elements of the legal tender 

status of euro banknotes and coins31. Thus, to the extent that Article 39a(1) and (2) of the Constitution 

use wording different from their legal sources in Union law they potentially create regulatory content 

of their own, which would not be in line with the Union’s exclusive competence in matters of monetary 

policy  for  the  Member  States  whose  currency  is  the  euro32.  In  the  light  of  the  above,  the  ECB 

recommends  that  the  provisions  of  Article  39a(1)  and  (2)  of  the  Constitution  guaranteeing  the 

issuance of cash as legal tender and the right to make a payments in cash should either be deleted 

or, alternatively, amended to merely refer to the relevant provisions of Union law. 

3.4  Constitutional right to perform cash transactions at a bank 

3.4.1  The second sentence of Article 39a(2) of the Constitution33 provides for a more targeted obligation 

of  banks  and  branches  of  foreign  banks  to  ensure  that  they  perform  cash  transactions.  The 

explanatory memorandum justifies this obligation inter alia based on the need to ensure access to 

cash as a precondition to be able to use cash as a means of payment34.    

3.4.2  The ECB welcomes that the Constitutional Law aims to strengthen the availability of cash in Slovakia. 

Sufficient and effective access to cash is necessary to preserve the effectiveness of the legal tender 

status of cash. If there is neither sufficient nor effective access to cash, it will not be available as a 

means of payment. In this regard, the proposed regulation on the legal tender of euro cash includes 

an obligation for Member States to ensure sufficient and effective access to cash throughout their 

territory35.  

3.4.3  However,  the  ECB  is  of  the  view  that  the  scope  and  extent  of  the  strengthened  constitutional 

protection of the right to perform cash transactions at banks and branches of foreign banks should 

be further clarified. For example, it is not fully clear which operations would fall under the scope of 

the  cash  transactions,  whether  under  the  new  constitutional  regime  banks  have  to  perform  cash 

transactions for anyone or for their clients only, or whether there are further conditions and limitations 

on the right to perform cash transactions in a bank or branch of a foreign bank36. The ECB therefore 

recommends that the laws adopted pursuant to Article 39a(3) of the Constitution clearly specify the 

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36 

See Article 4(1) of the proposed regulation on the legal tender of euro cash.   

See paragraph 2.4 of Opinion CON/2022/15, paragraph 2.3 of Opinion CON/2023/27 and paragraph 2.2.6 of Opinion 
CON/2023/33. See also principle 16 of the final report of the Euro Legal Tender Expert Group (ELTEG) of 6 July 2022: 
‘The Member States should check thoroughly their national legislation for references to legal tender and repeal them 
or else, make sure that they are a) purely declaratory, referring to the applicable Union provisions as the applicable 
legal source, b) make no change to the wording of Article 128(1) TFEU or of other applicable EU provisions on the 
legal tender status of euro cash.’  
The second sentence of Article 39a(2) states as follows: ‘The right to perform a financial transaction using cash in a 
bank or branch of a foreign bank is guaranteed.’ 
The second explanatory memorandum states as follows: ‘Given that the right to cash is almost inseparably linked to 
the  right  to  conduct  cash  banking  operations,  the  amending  proposal  further  guarantees  the  right  to  conduct  cash 
transactions at a bank or a branch of a foreign bank without restrictions that apply to other payment recipients. If banks 
did  not  dispense  cash,  for  example,  through  ATMs,  cash  would  gradually  disappear,  undermining  the  proposed 
constitutional right to cash.’ 

The  ECB  has consistently  welcomed legislative proposals  aimed at  ensuring access  to cash in euro area  Member 
States.  See,  for  example,  Opinion  CON/2022/40  and  Opinion  CON/2023/25.  See  also  paragraph  1.2  of  Opinion 
CON/2023/31, in which the ECB particularly welcomes the measures laid down in the proposed regulation on the legal 
tender of euro cash regarding the need for Member States whose currency is the euro to ensure sufficient and effective 
access to cash. 

See also, in this respect, paragraphs 2.5 to 2.7 of Opinion CON/2023/25. 

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conditions and limitations applicable to the right to perform cash transactions in a bank or branch of 

a foreign bank.  

ECB-PUBLIC 

This opinion will be published on EUR-Lex.  

Done at Frankfurt am Main, 11 January 2023. 

[signed] 

The President of the ECB 

Christine LAGARDE 

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