Opinion of the European Central Bank of 25 June 2025 on access to cash and a constitutional right to payment in cash (CON/2025/14)
Date: 2025-06-25
Institutions: European Central Bank
Subjects: legal basis, money

ECB-PUBLIC 

EN 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 25 June 2025  

on access to cash and a constitutional right to payment in cash 

(CON/2025/14) 

Introduction and legal basis 

On 13 June 2025 the ECB received a request from the Magyar Nemzeti Bank (MNB) for an opinion on a 

draft MNB decree on the detailed rules on the criteria for the installation of ATMs and on the burden and 

cost sharing of payment service providers (PSPs) (hereinafter the ‘draft MNB decree on ATMs’). 

On 24 March 2025 a Government decree on the emergency maintenance of automated teller machines 

(ATMs)  (hereinafter  the  ‘first  Government  decree  on  ATMs’)  was  published  in  the  Hungarian  Official 
Gazette1. On 14 April 2025 the fifteenth amendment to the Fundamental Law of Hungary (hereinafter the 

‘amendment to the Fundamental Law’) was published in the Hungarian Official Gazette2. On 12 May 2025 

the Law on the installation of ATMs (hereinafter the ‘Law on ATMs’) was published in the Hungarian Official 
Gazette3. On 29 May 2025 a decree of the Ministry of the National Economy on certain issues related to 

the accelerated deployment of ATMs starting in 2025 (hereinafter the ‘Ministerial decree on ATMs’) was 

published in the Hungarian Official Gazette4. On 5 June 2025 a Government decree amending Government 

decrees related to the use of cash (hereinafter the ‘Government decree on cash’) and a Government decree 

on  the  emergency  maintenance  of  ATMs  (hereinafter  the  ‘second  Government  decree  on  ATMs’)  were 

published in the Hungarian Official Gazette5. The second Government decree on ATMs repealed the first 

Government decree on ATMs6. On 20 June 2025 the Law amending certain laws in relation to the use of 

cash (hereinafter the ‘Law on cash’) was published in the Hungarian Official Gazette7. 

The European Central Bank (ECB) has not been consulted by the Hungarian authorities on the amendment 

to the Fundamental Law, the Law on ATMs, the Law on cash, the first Government decree on ATMs, the 
Government decree on cash, the second Government decree on ATMs or the Ministerial decree on ATMs. 

The ECB has decided to deliver an own initiative opinion on the amendment to the Fundamental Law, the 

Law on ATMs, the Law on cash, the Government decree on cash, the second Government decree on ATMs 

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2  
3    
4  

5  

6    
7  

Az automata bankjegykiadó gépek működésének veszélyhelyzeti fenntartásáról szóló 49/2025. (III. 24.) Korm. 
rendelet, Magyar Közlöny 2025/33 (III. 24.). 
Magyarország Alaptörvényének tizenötödik módosítása, Magyar Közlöny 2025/41 (IV. 14.). 
Az automata bankjegykiadó gépek telepítéséről szóló 2025. évi XVIII. törvény, Magyar Közlöny 2025/55 (V. 12.). 
Az automata bankjegykiadó gépek 2025-ben kezdődő, gyorsított telepítésével kapcsolatos egyes kérdésekről szóló 
16/2025. (V. 29.) NGM rendelet, Magyar Közlöny 2025/63 (V. 29.). 
Kormányrendeletek készpénzhasználattal összefüggő módosításáról szóló 128/2025. (VI. 5.) Korm. rendelet az 
automata bankjegykiadó gépek működésének veszélyhelyzeti fenntartásáról szóló 129/2025. (VI. 5.) Korm. rendelet, 
Magyar Közlöny 2025/67 (VI. 5.). 
Article 4 of the second Government decree on ATMs. 
Egyes törvényeknek a készpénzhasználattal összefüggő módosításáról szóló 2025. évi LXII. törvény, Magyar 
Közlöny 2025/74 (VI. 20.). 

 
 
 
 
 
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and the Ministerial decree on ATMs. This opinion is also the ECB’s response to the MNB’s consultation 

request on the draft MNB decree on ATMs. 

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),  second  and  third  indents,  of  Council  Decision 

98/415/EC8,  as  the  amendment  to  the  Fundamental  Law,  the  Law  on  ATMs,  the  Law  on  cash,  the 
Government decree on cash, the second Government decree on ATMs, the Ministerial decree on ATMs 

and  the  draft  MNB  decree  on  ATMs  relate  to  means  of  payment  and/or  the  MNB.  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 amendment to the Fundamental Law, the Law on cash, the Government decree 
on cash, the Law on ATMs, the second Government decree on ATMs, the Ministerial decree 
on ATMs and the draft MNB decree on ATMs 

1.1  The amendment to the Fundamental Law 

1.1.1  The amendment to the Fundamental Law establishes the right to payment in cash as a fundamental 

right  under  Hungarian  law.  According  to  the  explanatory  memorandum  accompanying  the 

amendment, cash is legal tender that is physically independent from digital systems, banks and other 

third parties. Only the maintenance of cash circulation can ensure that the functioning of the economy 

does not become completely vulnerable to electronic financial systems, which may be vulnerable for 

technical reasons or due to the market. It is therefore necessary to enshrine at constitutional level 

the principle that the possibility to pay in cash is a fundamental right. The enshrinement of this right 

at constitutional level also guarantees that the possibility of paying in cash remains available to all, 

thus avoiding the possibility of financial exclusion. 

1.1.2  The right to payment in cash supplements the right to own and inherit property, which is contained 

in the chapter listing the fundamental rights of citizens9. Under the current provision, everyone has 

the right to own and inherit property, as well as to make payments in cash, and owning property is 

connected to social responsibility. 

1.1.3  The Fundamental Law provides that fundamental rights can be limited to the extent strictly necessary 

for  the  purpose  of  enforcing  another  fundamental  right  or  protecting  a  constitutional  value,  in 

proportion to the aim pursued and with due regard for the essential content of the fundamental right10. 

1.1.4  The  Fundamental  Law  provides  that  the  official  currency  of  Hungary  is  the  forint11,  and  under 

Hungarian law banknotes and coins issued by the MNB in the official currency of Hungary are the 

legal tender of Hungary12. 

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11  
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Council Decision 98/415/EC 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, ELI: https://eur-
lex.europa.eu/eli/dec/1998/415/oj). 
Article XIII (1) in Chapter ‘Freedom and responsibility’ (‘Szabadság és felelősség’) of the Fundamental Law of 
Hungary. 
Article I (3) of the Fundamental Law of Hungary. 
Article K of the Fundamental Law of Hungary. 
Article 4(2) of the Law on the MNB. 

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1.2  The Law on cash 

1.2.1  According to the explanatory memorandum accompanying the Law on cash, the purpose of the Law 

is to ensure that citizens have, in their private relations, the possibility to pay in cash, in addition to 

digital payment options, for the purchase of goods and services. 

1.2.2  In particular, the Law on cash13 provides that undertakings must ensure the possibility for consumers 

to pay the price of goods in cash, with the exception of cross-border online sales and online service 

contracts. The Law on cash14 also provides that consumers must have the possibility to pay in cash 

for  specified  commercial  and  service  activities,  except  for  online  service  contracts  for  the  cross-

border provision of services. The Law on cash15 also provides that where the price in the case of a 

transfer of ownership of land is paid by means of a lawyer's or a notary’s deposit, the price provided 

for in the contract may be paid in cash. 

1.3  The Government decree on cash 

1.3.1  The Government decree on cash aims to make the use of cash more widely available to citizens, in 

accordance with the amendment to the Fundamental Law16. 

1.3.2  In particular, the Government decree on cash provides that claimants of certain housing subsidies in 

small municipalities and applicants for a loan scheme for housing may pay, in cash, the purchase 

price  for  buying  a  dwelling  or  the  purchase  price  difference  for  exchanging  a  dwelling.  Credit 

institutions  involved  in  the  provision  of  these  subsidies  and  loans  remain  obliged  to  transfer  their 

payment to the account indicated by the sellers of the dwellings17. 

1.4  The Law on ATMs 

1.4.1  The Law on ATMs aims to promote the safe supply of cash to the public, with particular attention to 

the needs of people living in rural areas and areas with lower population density. In this respect, the 

Law on ATMs seeks to guarantee the operation of the ATM network at the municipal level18.  

1.4.2  Under  the  Law  on  ATMs,  PSPs  providing  payment  account  management  services  and  issuing 

payment instruments for consumers must provide cash withdrawal services for account holders who 

are consumers in any municipality. This service may be provided by means of ATMs, and PSPs may 

agree to jointly install and operate an ATM. The local government of the municipality concerned must 

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16 
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18  

  Amending the Law on Consumer Protection, a fogyasztóvédelemről szóló 1997. évi CLV. törvény, Magyar Közlöny 
1997/119 (XII. 23.). 
  Amending the Law on Commerce and the Law on the general rules on commencing and pursuing service activities, 
a kereskedelemről szóló 2005. évi CLXIV. törvény, Magyar Közlöny 2005/168 (XII. 25.), a szolgáltatási tevékenység 
megkezdésének és folytatásának általános szabályairól szóló 2009. évi LXXVI. törvény, Magyar Közlöny 2009/94 
(VII. 8.). 
  Amending the Law on certain provisions and transitional rules in connection with the Law on the trade of agricultural 
and forestry land,  a mező- és erdőgazdasági földek forgalmáról szóló 2013. évi CXXII. törvénnyel összefüggő egyes 
rendelkezésekről és átmeneti szabályokról szóló 2013. évi CCXII. törvény, Magyar Közlöny 2013/207 (XII. 12.). 
Preamble to the Government decree on cash. 
Articles 1 and 2 of the Government decree on cash, amending Government decrees on housing subsidies in small 
municipalities and on a preferential loan scheme for housing for families, a kistelepüléseken nyújtható 
otthonteremtési támogatásokról szóló 302/2023. (VII. 11.) Korm.  rendelet, a családok otthonteremtését támogató 
kedvezményes CSOK Plusz hitelprogramról szóló 518/2023. (XI. 30.) Korm. rendelet. 
Preamble to the Law on ATMs. 

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provide a suitable location free of charge for cash withdrawal services and cooperate with the PSPs 

in shaping the appropriate conditions. The PSP must provide cash withdrawal services even if the 

municipality is unable to provide the appropriate conditions19. 

1.4.3  Under the Law on ATMs, credit institutions that operate ATMs must not suspend the operation of 

ATMs that were already in operation at the date of entry into force of the Law on ATMs, and bank 

branches must not discontinue their cash withdrawal services for payment accounts20. 

1.4.4  The MNB is given sanctioning powers in its supervisory function to enforce the Law on ATMs. The 

level of possible fines ranges from HUF 2 million to HUF 200 million. Fines for breach of the obligation 

to provide cash withdrawal services constitute direct revenues of the central budget21. 

1.5  The second Government decree on ATMs 

1.5.1  The second Government decree on ATMs stipulates that ensuring access to cash is a priority in rural 

areas, and it is therefore essential that the operation of ATMs that were already in operation at the 

date of entry into force of the Law on ATMs is not discontinued22. 

1.5.2  The second Government decree on ATMs derogates from the Law on ATMs during the current state 

of  emergency  declared  due  to  the  armed  conflict  and  humanitarian  catastrophe  in  Ukraine  by 

allowing credit institutions to suspend the operation of an ATM, in justified cases. A justified case 

may be based, for instance, on the average cash withdrawal turnover in the given municipality or 

district and the termination of the lease over the premises on which the ATM is located23. 

1.6  The Ministerial decree on ATMs 

1.6.1  The Ministerial decree on ATMs sets the deadline for PSPs to install ATMs in municipalities with over 

500 inhabitants according to the 2022 census data of the  Hungarian Central Statistical Office. For 

municipalities  with  a  population  of  more  than  1000,  the  deadline  is  31  December  2025,  and  for 

municipalities with a population of more than 500, the deadline is 31 December 202624. 

1.6.2  The  Ministerial  decree  on  ATMs  also  sets  out  the  criteria  for  the  location  in  which  the  local 

government of the municipality concerned must provide for the installation of ATMs. The location has 

to be, amongst other criteria, easily accessible and barrier-free, adequately illuminated, with good 

transport connections, preferably close to places where people do their daily business, and  where 

the  access  route  is  not  restricted.  If  such  a  location  cannot  be  provided  on  the  territory  of  the 

municipality, the local government must examine other locations in cooperation with the PSP25. 

1.7  The draft MNB decree on ATMs 

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Article 2(1) to (4) of the Law on ATMs. 
Article 3(1) of the Law on ATMs. 
Articles 2(5) and (6) and 3(2) of the Law on ATMs. 
Preamble to the second Government decree on ATMs. 
Article 1 and Article 2(1) and (3) of the second Government decree on ATMs. 
Article 1 of the Ministerial decree on ATMs. 
Article 2 of the Ministerial decree on ATMs. 

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1.7.1  The draft MNB decree on ATMs, taking into account the provisions of the Ministerial decree on ATMs, 

sets  out  the  detailed  criteria  for  determining  the  PSPs  required  to  install  and  operate  ATMs  per 

municipality and detailed rules on the equal sharing of the burden and costs of PSPs. The draft MNB 

decree on ATMs also creates groups of municipalities affected by the obligation to install ATMs and 

determines the PSPs obliged to install ATMs there26. 

1.7.2  PSPs that choose to jointly fulfil their obligation to install and operate an ATM in the municipalities 

concerned must designate the PSP which is obliged to notify and provide data to the MNB. PSPs 

may also agree amongst themselves to switch municipalities and may take over from each other the 

obligation to install an ATM27. 

1.7.3  If the scope of PSPs changes after the entry into force of the draft MNB decree on ATMs, the MNB 

must carry out a new examination based on the relevant criteria and, on the basis of the results of 

this examination, the MNB must again determine the list of PSPs obliged to install and operate an 

ATM28. 

2. 

General observations 

2.1  The  ECB  notes  that,  during  the  last  months,  the  Hungarian  authorities  have  adopted  a  new 

amendment to the Fundamental Law, as well as a large number of laws and decrees, all related to 

cash  acceptance  and  access  to  cash.  A  nationwide  cash  supply  network  requires  a  complex 

infrastructure.  Due  to  this,  the  stakeholders  involved  need  appropriate  preparation  time  to  adapt 

regulatory changes to mitigate potential network side  effects and avoid any potential overlap  with 

rules currently in force. 

2.2  The  ECB  understands  that  once  the  state  of  emergency  declared  due  to  the  armed  conflict  and 

humanitarian catastrophe in Ukraine is terminated, the Law on ATMs will be restored to its full effect, 

as a consequence of which credit institutions may no longer suspend the operation of ATMs, even 

in justified cases. 

2.3  The  ECB  understands  that  electronic  payment  instruments  are  increasingly  used  as  a  method  of 

payment in Hungary, while the use of cash is declining. According to the MNB, electronic payment 

alternatives are now available in virtually all situations in Hungary and the use of electronic payments 

has  grown  significantly  in  recent  years29.  Despite  the  significant  increase  in  the  use  of  electronic 

payments, cash remains widely used in Hungary, and according to  the MNB there are significant 

regional and demographical differences in cash usage customs within the country30. In 2023, 66 % 

of  stores  in  Hungary  were  cash-intensive,  meaning  that  the  majority  of  stores  saw  more  cash 

purchases  than  electronic  purchases31.  This  indicates  that  cash  is  still  the  most  commonly  used 

means of payment in Hungary. 

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Preamble, Articles 1 and 2 and Annex 1 of the draft MNB decree on ATMs. 
Article 3(1) and (2) of the draft MNB decree on ATMs. 
Article 4(1) of the draft MNB decree on ATMs. 
Payment Systems Report 2024, Magyar Nemzeti Bank, p. 7. 
Payment Systems Report 2024, Magyar Nemzeti Bank, pp. 14 and 19. 
Payment Systems Report 2024, Magyar Nemzeti Bank, p. 47. 

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2.4  Although electronic payment instruments are used increasingly in a number of Member States, cash 

continues  to  play  an  important  role  in  society  and  is  still  widely  used  throughout  the  entire 

population32.  Cash  is  a  well-established  and  secure  means  of  payment  providing  for  immediate 

settlement  of  debts  and  direct  control  over  the  payer’s  spending.  It  is  currently  the  only  payment 

instrument  that  allows  citizens  to  settle  a  transaction  in  central  bank  money  which  is  also  settled 

instantly, while, importantly, ensuring privacy33. Cash payments facilitate the inclusion of the entire 

population in the economy by allowing it to settle any kind of financial transaction in this way, thus 

ensuring freedom of choice as to the method of payment for all citizens34. The ECB agrees with the 

view expressed in the explanatory memorandum accompanying the amendment to the Fundamental 

Law that the maintenance of cash circulation can ensure that the functioning of the economy does 

not become completely dependent on electronic financial systems. Furthermore, the ability to pay in 

cash remains particularly important for certain groups in society that, for various legitimate reasons, 

prefer to use cash rather than other means of payment, or who do not have access to bank services 

and  electronic  means  of  payments.  These  groups  include  disabled  citizens,  immigrants,  socially 

vulnerable citizens, elderly people, minors and others with limited or no access to digital payment 

services35. 

2.5  While the ECB holds a positive view of further innovation and development in the field of electronic 
payment  instruments,  the  ECB  also  welcomes  the  core  objectives  of  the  Law  on  ATMs  and  the 

second Government decree on ATMs to facilitate the continued use of cash in Hungarian society by 

an adequate level of access to cash services throughout Hungary, including in rural areas and areas 

with a lower population density. The availability and accessibility of cash and its fallback function in 
case  of  disruptions  contribute  to  trust  in  the  financial  system  and  enhance  resilience,  which  is 

important for the smooth functioning of monetary policy36. In this context, the ECB notes that that an 

adequate  level  of  access  to  cash  services  should  guarantee  reasonable  and  proportionate  cash 

service networks to avoid that citizens have problems accessing their money in cash. The ECB also 

notes that the MNB has a mandate to define the Hungarian legal framework on access to cash37. 

Based  on  this  mandate,  the  MNB  issued  a  decree  in  202338  (hereinafter  the  ‘MNB  decree  on 

banknotes’) that sets out rules concerning the size and the territorial coverage of the Hungarian ATM 

network. The Hungarian nationwide access to cash infrastructure currently works in accordance with 

the MNB decree on banknotes. The ECB has previously welcomed the MNB’s initiative to regulate 

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See, for example, 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: 
https://eur-lex.europa.eu/eli/C/2023/1355/oj), paragraph 2.1 of Opinion CON/2024/8, paragraph 2.1 of Opinion 
CON/2024/19, paragraph 2.1 of Opinion CON/2024/22 and paragraph 2.5 of Opinion CON/2024/39. The ECB has 
stated its neutrality regarding different means of payment, which means that it does not favour one instrument over 
another. See paragraph 2.1 of Opinion CON/2015/55. All ECB opinions are published on EUR-Lex. 
See paragraph 2.1 of Opinion CON/2024/1, paragraph 2.1 of Opinion CON/2024/3, paragraph 2.1 of Opinion 
CON/2024/8, paragraph 2.1 of Opinion CON/2024/19 and paragraph 2.1 of Opinion CON/2024/22. 
See paragraph 2.1 of Opinion CON/2024/3, paragraph 2.1 of Opinion CON/2024/8, paragraph 2.1 of Opinion 
CON/2024/19 and paragraph 2.1 of Opinion CON/2024/22. 
See, for example, paragraph 2.1 of Opinion CON/2024/1, paragraph 2.1 of Opinion CON/2024/3, paragraph 2.1 of 
Opinion CON/2024/8, paragraph 2.1 of Opinion CON/2024/19 and paragraph 2.1 of Opinion CON/2024/22. 
See paragraph 2.2 of Opinion CON/2024/8, paragraph 2.2 of Opinion CON/2024/19, paragraph 2.2 of Opinion 
CON/2024/22 and paragraph 2.5 of Opinion CON/2024/39. 
See Article 23/A of the Law on the MNB. 
A bankjegyek feldolgozásáról, forgalmazásáról, valamint hamisítás elleni védelmével kapcsolatos technikai 
feladatokról szóló 1/2023. (I. 17.) MNB rendelet, Magyar Közlöny 2023/8 (I. 17.). 

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the infrastructure network of credit institutions used to carry out cash transactions and facilitate cash 
flows  with  the  objective  of  ensuring  a  minimum  level  of  availability  of  cash  for  their  customers 

throughout Hungary39. The ECB notes that the Law on ATMs might conflict with the requirements of 

the MNB decree on banknotes, entailing the risk of unintended side effects such as increased costs 

for credit institutions and PSPs being obliged to install an ATM in a municipality where they potentially 

do not have any customers. 

2.6  While the official currency in Hungary is the forint, not the euro, the ECB considers it important that 

all Member States, including non-euro area Member States, take appropriate measures to ensure 

that credit institutions and branches operating within their territories provide adequate access to cash 

services through ATMs or branch cashiers. This is crucial to facilitate the continued use of cash40. 

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

status of cash. If citizens do not have easy access to cash, they will not be able to use it as a means 

of payment and store of value41. 

2.7 

In addition, the ECB wishes to note that a minimum level of in-person cash withdrawal services – 

whether through ATMs or branch cashiers – may be needed at credit institutions, especially for those 

groups  in  society  that  do  not  have  access  to  electronic  means  of  payment.  Such  in-person  cash 

withdrawal  services  would  also  enable  access  to  cash  in  situations  where  ATM  networks  are 

temporarily unavailable. Moreover, customers should have sufficient and effective access to cash 

deposit services at credit  institutions. This would support the  acceptance of cash by payees (e.g. 

merchants  and  public  sector  entities)  by  ensuring  that  they  can  conveniently  convert  cash  into 

commercial bank money and manage their liquidity efficiently, for instance to pay their suppliers and 

employees42. 

2.8  The ECB welcomes the financial sanctions that may be imposed on credit institutions under the Law 

on ATMs, which should facilitate the enforcement of their requirements under the Law on ATMs43. 

3. 

Constitutional law on the right to payment in cash 

3.1  The  ECB  understands  that  the  right  to  payment  in  cash  under  the  Fundamental  Law  refers  to 

payments executed in the legal tender of Hungary. If and when the euro is introduced as Hungary’s 

legal tender, the amendment to the Fundamental Law, in the light of its objective and content, would 

establish  legal  rules  governing  the  status  of  legal  tender  of  euro  banknotes,  which  is  an  area  of 

exclusive  competence  of  the  Union  under  Article  133  of  the  Treaty44  for  Member  States  whose 

currency is the euro. 

3.2  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 

39   
40  

41  

42  
43  
44  

See paragraph 2.3 of Opinion CON/2024/3. 
See paragraph 2.3 of Opinion CON/2024/3, paragraph 2.3 of Opinion CON/2024/19, paragraph 2.4 of Opinion 
CON/2024/22 and paragraph 3.2 of Opinion CON/2025/8. 
See paragraph 1.2 of Opinion CON/2023/31, paragraph 2.2 of Opinion CON/2024/3 and paragraphs 2.3 and 2.7 of 
Opinion CON/2024/19. 
See paragraph 2.4 of Opinion CON/2024/19. 
See paragraph 2.5 of Opinion CON/2024/19. 
See paragraph 3.2.3 of Opinion CON/2024/1 and paragraph 3.2.3 of Opinion CON/2024/26. 

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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  of  Justice  took  into  consideration  Commission  Recommendation  2010/191/EU 45, 

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 

purposes46. 

3.3  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 Union47. 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  acts48.  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 law49. The explanatory memorandum  accompanying 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  area50.  These  differences  would  justify 

establishing rules on the legal tender of euro cash in a regulation adopted under Article 133 of the 

Treaty. 

3.4  Taking account of the foregoing, the ECB invites the Hungarian authorities, if and when the euro is 

adopted in Hungary, to guarantee that the right to make payments in cash will be amended to merely 

refer to the relevant provisions of Union law51. 

45  

46  

47   

48  

49  
50  

51   

Commission Recommendation 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, ELI: https://eur-lex.europa.eu/eli/reco/2010/191/oj). 
See judgment of the Court of Justice of 26 January 2021, Hessischer Rundfunk, C-422/19 and C-423/19, 
ECLI: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, 
ECLI: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, 
ECLI:EU:C:2021:63, paragraphs 50 to 52. 
COM(2023) 364 final. For the ECB opinion on the proposal, see Opinion CON/2023/31. 
 See section 3, page 4 of the explanatory memorandum accompanying 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 https://commission.europa.eu/index_en. See also Opinion CON/2023/31.   
See paragraph 3.3.3 of Opinion CON/2024/1 and paragraph 3.2.6 of Opinion CON/2024/26. 

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This opinion will be published on EUR-Lex. 

Done at Frankfurt am Main, 25 June 2025. 

[signed] 

The President of the ECB 

Christine LAGARDE 

ECB-PUBLIC 

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