Opinion of the European Central Bank of 24 July 2024 on a constitutional law on cash as legal tender and access to cash (CON/2024/26)
Date: 2024-07-24
Institutions: European Central Bank
Subjects: money

EN 

ECB-PUBLIC 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 24 July 2024 

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

(CON/2024/26) 

Introduction and legal basis 

On  10  May  2024  the  European  Central  Bank  (ECB)  received  a  request  from  the  Slovenian  National 

Assembly for an opinion on a draft proposal to initiate a procedure to amend the Constitution of the Republic 

of Slovenia to include a right to use cash as legal tender in the Republic of Slovenia1 (hereinafter the ‘draft 

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  Article  2(1),  first  and  second  indents  of  Council  Decision 

98/415/EC2,  as  the  draft  constitutional  law  relates  to  currency  matters  and  means  of  payment.  In 

accordance with Article 17.5, first sentence, of the Rules of Procedure of the European Central Bank, the 

Governing Council has adopted this opinion. 

1. 

Purpose of the draft constitutional law 

1.1  As noted in the consultation request, the draft constitutional law was prepared and presented to the 

Slovenian National Assembly for consideration by a qualified group of voters.  

1.2  The draft constitutional law would supplement the Slovenian Constitution by inserting a new Article 

50.a in Chapter Two of the Constitution dealing with human rights and fundamental freedoms.  

1.3  The draft constitutional law provides that cash is legal tender in the territory of Slovenia3. The draft 

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 tender4, and that the right to perform a 

cash transaction in a bank or a branch of a foreign bank is guaranteed5. 

1.4  The explanatory memorandum accompanying the draft constitutional law explains that the aim of the 

draft  constitutional  law  is  to  set  up  a  constitutional  framework  for  the  right  to  use  cash,  while 

respecting the right to privacy.  

1.5  The  explanatory  memorandum  states  that  banknotes  and  coins  denominated  in  the  currency  of 

Slovenia are the only legal tender in Slovenia, and that cash is the only form of public money to which 

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Predlog  za  začetek  postopka  za  spremembo  Ustave  Republike  Slovenije  z  osnutkom  ustavnega  zakona  z  dne 
23.11.2023. 
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 50.a(1) of the Constitution as proposed by the draft constitutional law. 
Article 50.a(2), first sentence, of the Constitution as proposed by the draft constitutional law. 

Article 50.a(2), second sentence, of the Constitution as proposed by the draft constitutional law. 

 
 
 
 
 
 
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everyone  has  direct  access.  It  also  states  that  the  Eurosystem  has  a  fundamental  responsibility, 

together with the banking sector, to ensure the smooth supply of  cash and to facilitate the use of 

cash in payments by people and businesses.  

1.6  The explanatory memorandum further states that in the light of certain statements made by influential 

persons from  the  banking  and political sectors, there  is reason to suspect that  the introduction of 

digital  money  is  intended  to  give  the  central  bank  or  national  governments  complete  control  over 

money  and  over  the  regulation  and  conditions  that  will  determine  its  use.  Based  on  this,  the 

explanatory memorandum states that there would be a justified fear among the proposers of the draft 

constitutional  law  that  the  introduction  of  digital  money  and  the  phasing  out  of  cash  is  primarily 

intended  for  governments  to  control  and  monitor  the  financial  data  of  citizens,  meaning  that  the 

privacy and financial freedom of the citizens of Slovenia could be under attack.  

1.7  According to the explanatory memorandum, citizens have the right to decide of their own free will 

whether they want to pay in cash. The right to use cash is one of the key rights with which citizens 

can exercise their freedom in commercial and legal relations. The explanatory memorandum further 

states that in recent times various proactive steps have been taken leading to the gradual erosion of 

this right in the form of generally binding legal norms. The explanatory memorandum argues that the 

inclusion of the right to cash in the Constitution is one way of addressing all attempts to strictly limit 

and ultimately abolish the right to pay in cash, including the associated right to privacy, for the benefit 

of society.  

1.8  The explanatory memorandum states that a complete abolition of cash would endanger low-income 

people as well as civil associations that finance their charitable activities by fundraising in cash. The 

proposers of the draft constitutional law also believe that the preservation of the right to pay in cash 

is important to contribute to financial literacy among young people. More generally, the right to pay 

in cash is viewed in the explanatory memorandum in the context of freedom of choice. 

1.9  The consultation request states that the draft constitutional  law  might constitute  a proposal which 

would not  be in line with the exclusive competence of the Union as concerns monetary policy  for 

Member States whose currency is the euro under Article 3 of the Treaty.  

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  for payments 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 

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vulnerable people, minors and others with limited or no access to digital payment services6. 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 system7 and it is robust against cyber-crime8. Cash also has an important 

function as a store of value. The availability and accessibility of cash and its fallback function in case 

of  disruptions  to  electronic  payment  systems  contribute  to  trust  in  the  financial  system,  which  is 

important for the smooth functioning of monetary policy9. Against this backdrop, the ECB welcomes 

the core objective of the draft constitutional law to strengthen the availability and acceptance of cash 

in Slovenia. 

2.2  The ECB is, thus, fully committed to ensuring that euro cash remains available, including in peripheral 

regions,  and  accepted  in  payments  throughout  the  euro  area,  in  line  with  the  Eurosystem’s  cash 

strategy10. The specific observations presented below should not be read as undermining the ECB’s 

commitment  to  these  objectives.  Where  measures  contributing  to  the  protection  of  euro  cash  fall 

within the Union’s exclusive competence for monetary policy, as is the case for legal rules governing 

the legal tender status of euro banknotes and coins (as explained in paragraph 2.5), the ECB is of 

the view that such protection should be achieved by rules established in a harmonised manner at 

Union, rather than at national, level11. 

2.3  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 area12. The legal tender status of euro coins is 

provided for in secondary Union law13. 

2.4  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  of  Justice  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 

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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, paragraph 1.7 of Opinion CON/2023/31 of the European 
Central Bank of 13 October 2023 on a proposal for a regulation on the legal tender of euro banknotes and coins (OJ 
C,  C/2023/1355,  1.12.2023,  ELI:  http://data.europa.eu/eli/C/2023/1355/oj),  paragraph  2.1  of  Opinion  CON/2024/1, 
paragraph  2.4  of  Opinion  CON/2024/2,  paragraph  2.1  of  Opinion  CON/2024/3  and  paragraph  2.1  of  Opinion 
CON/2024/8. All ECB opinions are published on EUR-Lex. 
See, for example, paragraph 2.1 of Opinion CON/2019/41, paragraph 9.2.1 of Opinion CON/2020/13, paragraph 2.3 
of Opinion CON/2021/18, paragraph 2.1 of Opinion CON/2024/1, paragraph 2.4 of Opinion CON/2024/2, paragraph 
2.1 of Opinion CON/2024/3 and paragraph 2.1 of Opinion CON/2024/8. 
See  paragraph 2.2 of  Opinion CON/2021/32,  paragraph 2.1 of  Opinion  CON/2024/1  and paragraph 2.4 of  Opinion 
CON/2024/2. 
See paragraph 2.2 of Opinions CON/2024/8 and CON/2024/19. 

See ‘The Eurosystem cash strategy’, available on the ECB’s website at www.ecb.europa.eu. See also paragraph 1.7 
of Opinion CON/2023/31. 

See  paragraph  2.4  of  Opinion  CON/2014/6,  paragraph  2.4  of  Opinion  CON/2018/41,  paragraph  2.3  of  Opinion 
CON/2021/14 and paragraph 2.3 of Opinion CON/2023/43. 

Article 128(1), first and third sentences, of the Treaty and Article 16, first and third sentences, 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).   

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value, with the effect of discharging the debt. In clarifying the concept of ‘legal tender’ under Union 

law,  the  Court  of  Justice  took  into  consideration  Commission  Recommendation  2010/191/EU14, 

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 of Justice, 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 

purposes15. 

2.5  The Court  of Justice 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 Union16. 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 of Justice 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  acts17.  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 coins18 (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  law19.  The  explanatory  memorandum  to  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  legal  uncertainty  regarding  the  legal  tender  of  euro  cash  and  differing 

application of its principles in the euro area20. These differences would justify establishing rules on 

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

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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). 
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 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 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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3. 

Specific observations  

3.1  Constitutional recognition of the legal tender status of cash 

3.1.1  Article 50.a(1) of the Constitution, as proposed by the draft constitutional law, recognises the status 

of cash as legal tender in Slovenia. It thus reproduces directly applicable provisions of Union law, 

namely Article 128 of the Treaty and Article 11 of Regulation (EC) No 974/98.  

3.1.2  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 Union21.  

3.1.3  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  apply22.  If  such  exceptional  circumstances  do 

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

precisely,  by  incorporation  or  reference23,  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 law24. 

3.1.4  In the light of the above, the ECB recommends that Article 50.a(1) of the Constitution, as proposed 

by the draft constitutional law, which recognises the status of cash as legal tender, should either be 

deleted or, alternatively, amended to merely refer to the relevant provisions of Union law25. 

3.2  Constitutional right to make payments in cash 

3.2.1  Article 50.a(2), first sentence, of the Constitution, as proposed by the draft constitutional law, specifies 

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

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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,  paragraph  2.2.5  of  Opinion  CON/2023/33  and 
paragraph 3.3.1 of Opinion CON/2024/1. 
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, paragraph 2.2.6 
of Opinion CON/2023/33 and paragraph 3.3.2 of Opinion CON/2024/1. 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, paragraph 2.2.6 of 
Opinion CON/2023/33 and paragraph 3.3.2 of Opinion CON/2024/1. 

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, paragraph 2.2.6 of Opinion CON/2023/33 and paragraph 3.3.2 of Opinion CON/2024/1. 

See  paragraph  2.4  of  Opinion  CON/2022/15,  paragraph  2.3  of  Opinion  CON/2023/27,  paragraph  2.2.6  of  Opinion 
CON/2023/33 and paragraph 3.3.3 of Opinion CON/2024/1. 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.’  

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using cash as legal tender. The draft constitutional  law does not  envisage any  exemptions to this 

right.  

3.2.2  In  this  respect  the  ECB  recalls  that  the  Court  of  Justice  has  held  that  the  status  of  banknotes 

denominated in euro as legal tender calls only for acceptance in principle of  such banknotes as a 

means of payment, not for absolute acceptance26. 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 cash. This also includes that Member States may introduce stricter rules, which 

will strengthen the mandatory acceptance of euro cash in their territory, in the exercise of their own 

powers, such as the organisation of their public administration or in the field of consumer protection. 

The Court of Justice 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 measure has 

been adopted within the framework of the Member States’ own competences27.  

3.2.3  It  must  therefore  be  considered  whether  Article  50.a(2),  first  sentence,  of  the  Constitution,  as 

proposed  by  the  draft  constitutional  law,  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  Article 50.a(2), first sentence, of the Constitution effectively sets out the mandatory acceptance of 

cash as a means of payment28, which is connected to the constitutional enshrinement of the legal 

tender status of cash under Article 50.a(1) of the Constitution, as proposed by the draft constitutional 

law. This can be seen from the wording of the provision29, and from the fact that the right to pay in 

cash is recognised in respect of everyone and without any exemptions. It therefore appears that the 

content and objective of Article 50.a(2), first sentence, of the Constitution, as proposed by the draft 

constitutional law, is to ensure the acceptance of cash as legal tender as a right of general application 
and without any exemptions. The ECB thus understands that, in the light of its objective and content, 

Article 50.a(2), first sentence, of the Constitution, as proposed by the draft constitutional law, does 

not regulate the procedures for settling pecuniary obligations in the exercise of national powers30 but 

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

3.2.5  Furthermore, it must also be considered whether Article 50.a(2), first sentence, of the Constitution, 

as proposed by the draft constitutional law, laying down the mandatory acceptance of euro banknotes 

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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. 
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. 
In  accordance  with  Article  15  of  the  Constitution  the  manner  in  which  human  rights  and  fundamental  freedoms 
enshrined in the Constitution are exercised may be regulated by law whenever the Constitution so provides or where 
this is necessary  due to  the particular  nature  of an  individual right or  freedom,  which  means  that specifics  may be 
regulated in the law. 
Article 50.a(2) of the Constitution, as proposed by the draft constitutional law, expressly mentions the right to pay using 
cash as legal tender.  

See paragraph 3.2.2. 

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and coins, which the right for everyone to make payments in cash seems to protect, can be said to 

reproduce provisions of Union law31. From this perspective, it must be stated that Article 50.a(2), first 

sentence, of the Constitution, as proposed by the draft constitutional law, uses 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 

974/9832, the first defining element of the concept of legal tender is the mandatory acceptance of euro 

banknotes  and  coins  where  a  payment  obligation  exists33.  In  the  same  vein,  it  is  clear  from  the 

prominence given to the provision on this issue in the proposed regulation on the legal tender of euro 

cash, which is currently being negotiated by the co-legislators, that mandatory acceptance of euro 

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

coins34.  Thus,  to  the  extent  that  Article  50.a(2)  of  the  Constitution,  as  proposed  by  the  draft 

constitutional  law,  uses  wording  different  from  its  legal  sources  in  Union  law  it  potentially  creates 

regulatory content of its 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 euro.  

3.2.6  Consequently,  as  stated  in  paragraph  3.1.4  regarding  Article  50.a(1),  the  ECB  recommends  that 

Article 50.a(2), first sentence, of the Constitution, as proposed by the draft constitutional law, which 

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

provision of services using cash as legal tender, should be deleted. Alternatively, if the intention of 

the  draft  constitutional  law  was  to  reproduce  Union  law,  the  provision  should  either  be  deleted  or 

amended to merely refer to the relevant provisions of Union law. 

3.3  Constitutional right to perform cash transactions at a bank 

3.3.1  Article  50.a(2),  second  sentence,  of  the  Constitution,  as  proposed  by  the  draft  constitutional  law, 

provides for the imposition of a targeted obligation on banks and branches of foreign banks to offer 

the possibility to conduct cash transactions.    

3.3.2  The ECB welcomes the core objective of strengthening the availability of cash in Slovenia. 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.  

3.3.3  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 clarified. For example, it is not fully clear which operations (e.g. dispensing euro banknotes and 

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See paragraphs 3.1.2 and 3.1.3.  

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 to 48.  

See point 1(a) of Recommendation 2010/191/EU. 
See Article 4(1) of the proposed regulation on the legal tender of euro 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,  Opinion  CON/2023/25,  paragraph  3.4.2  of  Opinion  CON/2024/1, 
paragraph 2.3 of Opinion CON/2024/3 and paragraph 2.3 of Opinion CON/2024/8. 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. 

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coins  by  debiting  a  payment  account,  receiving  deposits  of  euro  banknotes  and  coins  in  order  to 

credit a payment account) would fall under the scope of the cash transactions to be offered. It is also 

not  clear  whether  under  the  proposed  constitutional  regime  banks  would  have  to  perform  cash 

transactions for anyone or only for their clients that hold a payment account, or whether there are 

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

foreign bank36. In this context, the costs of implementation of obligations for credit institutions related 

to cash transactions would need to be adequately accounted for. The ECB therefore recommends 

that the conditions applicable to the right to perform cash transactions in a bank or branch of a foreign 

bank pursuant to Article 50.a(2) of the Constitution, as proposed by the draft constitutional law, should 

be properly specified.  

3.4  Considerations in relation to the digital euro 

3.4.1  The ECB has clearly underlined that the digital euro would complement, rather than replace, cash as 

another form of central bank money with legal tender status available to the public37. The legal tender 

status of the digital euro would promote its wide acceptance as a means of payment in respect of all 

digital payments throughout the euro area. The digital euro would also offer a higher level of privacy 

and data protection than other current electronic means of payment.  

3.4.2  On  28  June  2023,  alongside  the  proposed  regulation  on  the  legal  tender  of  euro  cash,  the 

Commission published a proposal for a Regulation of the European Parliament and of the Council 

on the establishment of the digital euro38 (hereinafter the ‘proposed regulation on the digital euro’). 

The  proposed  regulation  on  the  digital  euro  states  that  the  digital  euro  should  complement  euro 

banknotes and coins and should not replace the physical forms of the single currency and that, as 

legal tender instruments, both cash and digital euro are equally important39.  

3.4.3  On 31 October 2023, the ECB adopted its opinion on the proposed regulation on the digital euro40. 

In  its  opinion,  the  ECB  strongly  welcomed  the  goal  of  establishing  a  framework  facilitating  the 

possible introduction of a digital euro that would ensure that central bank money continues to play a 

key  role,  side  by  side  with  commercial  bank  money  payments,  in  maintaining  a  well-functioning 

payment  system  and  financial  stability,  and  ultimately  trust  in  the  euro  currency:  the  ‘monetary 

anchor’ role of central bank money41. Furthermore, the ECB also welcomed, in particular, that the 

36 
37   

38  
39  
40  

41  

of 

See also, in this respect, paragraphs 2.5 to 2.7 of Opinion CON/2023/25. 
See  paragraph  1.1  of  Opinion  CON/2023/31  and  paragraph  1.2  of  Opinion  CON/2023/34  of  the  European  Central 
Bank 
12.1.2024,  ELI: 
on 
31  October 
http://data.europa.eu/eli/C/2024/669/ojof).  
COM(2023) 369 final. 
See recital 6 of the proposed regulation on the digital euro. 
Opinion CON/2023/34. 
See paragraph 1.1 of Opinion CON/2023/34. 

(OJ  C,  C/2024/669, 

digital 

2023 

euro 

the 

8 

 
 
proposed regulation on the digital euro aims at ensuring a high degree of privacy and data protection 

for users of the digital euro42. 

ECB-PUBLIC 

This opinion will be published on EUR-Lex.  

Done at Frankfurt am Main, 24 July 2024. 

[signed] 

The President of the ECB 

Christine LAGARDE 

42     See paragraph 2.3 of Opinion CON/2023/34. 

9