Opinion of the European Central Bank of 2 september 2025 on a constitutional law on the right to use cash (CON/2025/26)
Date: 2025-09-02
Institutions: European Central Bank
Subjects: money

ECB-PUBLIC 

EN 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 2 September 2025  

on a constitutional law on the right to use cash 

(CON/2025/26) 

Introduction and legal basis 

On  1  August  2025  the  European  Central  Bank  (ECB)  received  a  request  from  the  Slovenian  National 

Assembly for an opinion on a draft proposal to amend the Constitution of the Republic of Slovenia to include 

a right to use cash in the Constitution1 (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  The draft constitutional law would supplement the Slovenian Constitution by inserting a new Article 

74a  in  Chapter  Three  of  the  Constitution,  titled  ‘Economic  and  Social  Relations’,  to  provide  that 

everyone has the right, in accordance with the law, to use cash in banking transactions and other 

forms of legal transactions 3.  

1.2  The consultation request and the explanatory memorandum accompanying the draft constitutional 

law (hereinafter the ‘explanatory memorandum’) explain that the aim of the draft constitutional law is 

to provide a constitutional  basis and direction for the  Slovenian  legislator to ensure, to the extent 

appropriate and permissible and in a manner consistent with the Union legal order, the preservation 

and potential enhancement of the possibility to use cash in legal transactions.  

1.3  The explanatory memorandum notes that the draft constitutional law is not necessary in the light of 

the current Union monetary law framework. It explains that the purpose of the amendment is to affirm 

and consolidate, at the constitutional level, a regulatory framework that is already in force at the level 

of  the  Union  and  the  euro  area.  The  explanatory  memorandum,  however,  argues  that  the  draft 

1  

2  

3  

Predlog Ustavnega zakona o dopolnitvi III. poglavja Ustave Republike Slovenije. 

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 74a of the Constitution as proposed by the draft constitutional law.   

 
 
 
 
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constitutional law can be justified if the National Assembly considers it reasonable and beneficial to 

constitutionally affirm the existing Union framework and to explicitly empower the national legislator 

to adopt further measures regulating the right to use cash.  

1.4  The  explanatory  memorandum  recalls  the  content  and  justification  set  out  in  the  explanatory 

memorandum  accompanying  the  initial  voters’  proposal  to  initiate  the  constitutional  amendment 

procedure (hereinafter the ‘initial draft constitutional law’), the relevant article of which has since been 

amended by the draft constitutional law. The explanatory memorandum summarises and reaffirms 

these earlier arguments, referring to the  Eurosystem’s cash strategy and its objective of ensuring 

that  cash  remains  broadly  available  and  widely  accepted  as  a  means  of  payment  and  a  store  of 

value,  Banka  Slovenije’s  commitment  to  ensuring  the  continued  use  of  cash  through  a  range  of 

measures, the advantages of cash such as the protection of the fundamental right to privacy and 

inclusivity towards individuals with limited access to digital means of payment, and the premise that 

the future use of cash as legal tender in Slovenia might be at risk in the event of the imposition of 

more severe restrictions on the use  of  euro  banknotes and coins or their complete abolition. The 

explanatory  memorandum  reiterates  the  concern  regarding  the  global  trend  towards  increasing 

digitalisation, and states that the draft constitutional law seeks to prevent any future deterioration or 

abolition of euro cash. The draft constitutional law aims at allowing for improvements in areas where 

cash payments are currently restricted, rather than at substantially changing the existing situation 

which reflects the acceptance of cash as a means of payment across the euro area.  

1.5  The  explanatory  memorandum  further  refers  to  the  Union’s  existing  legislation  governing  and 

defining the status of euro banknotes and coins as legal tender, and to the case law of the Court of 

Justice of the European Union, which protects this status, subject to the possibility for Member States 

to impose certain limitations under a set of conditions, including the need to respect the principle of 

proportionality.  According  to  the  explanatory  memorandum,  the  Government  of  the  Republic  of 

Slovenia has also stated that, should a digital euro be introduced – a decision falling within the ECB’s 

exclusive competence – it would not replace physical cash but complement it as an additional form 

of the single currency, and that this position was supported by Banka Slovenije and the ECB in its 

opinion on the initial draft constitutional law 4. 

1.6  The explanatory memorandum notes that Article 3a of the Slovenian Constitution guarantees that 

the  provisions  of  the  national  legislation  are  understood  and  applied  within  the  Union  legal 

framework,  and  explains  that  the  purpose  of  the  draft  constitutional  law  is  best  understood  as  a 

Slovenian  constitutional  affirmation  of  the  existing  and  planned  future  Union  monetary  law 

framework, which ensures the continued availability of euro cash (banknotes and coins) as a means 

of  payment  throughout  the  euro  area.  According  to  the  explanatory  memorandum,  the  draft 

constitutional law has both a regulatory and a preventative purpose. The regulatory purpose is to 

establish a constitutional foundation and mandate for the legislator to ensure that cash can continue 

to be used as a means of payment, particularly where this right is not sufficiently protected in practice, 

and to provide a basis for regulating reasonable and proportionate restrictions on the use of cash in 

line  with  Union  and  Slovenian  constitutional  law.  The  preventative  purpose  is  to  ensure  that  any 

4  

See Opinion CON/2024/26. All ECB opinions are published on EUR-Lex . 

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future changes at Union level that would significantly impede the use of cash would not have direct 

or automatic effect in Slovenia. The explanatory memorandum notes that this preventative purpose 

has two aspects. First, it serves as a political safeguard, by discouraging Slovenian representatives 

from  supporting  future  Union  initiatives  that  would  impede  this  right.  Second,  it  serves  as  a 

constitutional  (legal)  safeguard,  in  that,  should  such  Union-level  changes  occur  –  for  example, 

through a decision by the ECB – Slovenia would need to determine whether to reassert its sovereign 

powers in the field of monetary policy, in the light of its constitutional framework, despite a different 

legal framework being adopted at Union level.  

1.7  Regarding  the  nature  of  the  proposed  right  in  the  draft  constitutional  law,  the  explanatory 

memorandum states that it introduces a highly specific constitutional provision, which is not typically 

found in classical constitutional texts, with only Slovakia and Hungary cited as examples of Union 

Member States with such a provision. The explanatory memorandum explains that the constitutional 

right  to  cash  can  be  understood  as  part  of  the  broader  category  of  economic  human  rights  or 

fundamental constitutional rights, thereby elevating its status to that of a constitutionally guaranteed 

human right. The explanatory memorandum further explains that, while the recognition of the human 

right to use cash is the central focus of the proposed article, the provision should also be understood 

to apply, insofar as possible, to legal persons and other entities acting with legal effect in the context 

of legal transactions. The explanatory memorandum also notes that this right does not fall within the 

category  of  absolute  constitutional  rights,  which  may  never  be  limited  or  derogated  from,  but 

constitutes  a  relative  constitutional  right,  which  may  be  subject  to  restrictions,  that  need  to  be 

constitutionally legitimate, appropriate, reasonable and proportionate. 

1.8  The explanatory memorandum considers that the positioning of the new article in Chapter III of the 

Slovenian Constitution, entitled ‘Economic and Social Relations’, is the most appropriate for the right 

to use cash, as this chapter specifically governs the framework of economic constitutional relations 

and the rights of individuals.  

1.9 

In  the  explanation  of  the  individual  provisions  of  the  draft  constitutional  law,  the  explanatory 

memorandum states that the phrase that ‘everyone has the right, in accordance with the law, to use 

cash’ affirms, on one hand, that the exercise of the right to use cash requires statutory regulation, 

and, on the other hand, that this reference to statutory regulation also permits limitations on the use 

of  cash  where  justified  by  legitimate  and  proportionate  reasons.  The  explanatory  memorandum 

explains that the term ‘cash’, as used in the draft constitutional law, refers not only to euro banknotes 

and coins, but also to any other form of cash holding the legally recognised status of a means of 

payment within the Republic of Slovenia. 

1.10  The explanatory memorandum adds that the right to use cash under the draft constitutional law also 

implicitly entails a right of access to cash, such as cash withdrawal from automated teller machine 

(ATMs), with the exercise of this right to be regulated by law in a manner that does not impose a 

disproportionate burden on the user, taking into account factors such as the geographical distribution 

of cash access points across Slovenia, the affordability and reasonableness of the fees charged for 

cash services, and the possibility of free access to such services. 

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1.11  The  explanatory  memorandum  states  that  the  draft  constitutional  law  refers  broadly  to  all  ‘legal 

transactions’,  going  beyond  the  purchase  of  goods  or  services  to  encompass  all  legal  acts  and 

arrangements involving the creation, modification, or transfer of rights and obligations between legal 

subjects.  Finally,  the  explanatory  memorandum  notes  that  the  explicit  reference  to  ‘banking 

transactions’  in  the  first  part  of  the  article  is  intended  to  highlight  and  emphasise  the  particular 

importance of the right to use cash in the context of banking.  

2. 

General observations  

2.1  As  noted  in  paragraph  1.5,  the  ECB  was  previously  consulted  by  the  National  Assembly  on,  and 

adopted an opinion on, the initial draft constitutional law5. 

2.2  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 

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 instantly settle a payment transaction in central bank money, benefiting both payers and 

payees  while  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.  

2.3  The  ECB  is  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 

5  

6  

7  

8  

9  

See Opinion CON/2024/26. 

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 Opinion 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, paragraph 2.1 of Opinion 
CON/2024/8 and paragraph 2.1 of Opinion CON/2024/26.  
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, paragraph 2.1 of Opinion CON/2024/8 and paragraph 2.1 of Opinion CON/2024/26.   
See  paragraph  2.2  of  Opinion  CON/2021/32,  paragraph  2.1  of  Opinion  CON/2024/1,  paragraph  2.4  of  Opinion 
CON/2024/2 and paragraph 2.1 of Opinion CON/2024/26. 
See paragraph 2.2 of Opinions CON/2024/8 and CON/2024/19, and paragraph 2.1 of Opinion CON/2024/26. 

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strategy 10. The ECB considers it crucial that all Member States take appropriate measures to ensure 

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

services, for instance by enabling the convertibility of bank deposits into cash and vice versa, in order 

to  facilitate  the  continued  use  of  cash.  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 value11. 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 12 (hereinafter the ‘proposed regulation on the legal 

tender  of  euro  cash’),  which  includes  an  obligation  for  Member  States  to  ensure  sufficient  and 

effective  access to cash throughout their territory. The proposed regulation on the legal tender of 

euro cash provides that, following its adoption, the Commission will adopt implementing acts on a 

set of common indicators of general application in the euro area, which would allow Member States 

to  effectively  monitor  and  assess  both  the  acceptance  of  payments  in  cash  and  access  to  cash 

throughout their territory, in all their different regions, including urban and non-urban areas. The ECB 

will be consulted by the Commission on the preparation of such implementing acts13. The specific 

observations presented below should therefore 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, level14. 

2.4  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 area15. The legal tender status of euro coins is 

provided for in secondary Union law16. 

2.5  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 

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

10  

11  

12  

13  

14  

15  

16  

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 and paragraph 2.2 of Opinion CON/2024/26. 
See  paragraph  2.3  of  Opinion  CON/2024/8,  paragraph  2.7  of  Opinion  CON/2024/19,  paragraph  2.4  of  Opinion 
CON/2024/22 and paragraph 2.1 of Opinion CON/2024/34.  
COM(2023) 364 final. 
Recitals 8, 9 and 12, and Article 9(2) and (5) of the proposed regulation on the legal tender of euro cash. See also 
paragraph 2.2 of Opinion CON/2024/34.  
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, paragraph 2.3 of Opinion CON/2023/43 and paragraph 2.2 of Opinion CON/2024/26.   
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.  See  also  paragraph  2.3  of  Opinion 
CON/2024/26.  
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, ELI: http://data.europa.eu/eli/reg/1998/974/oj ). See also paragraph 2.3 of Opinion CON/2024/26. 

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law,  the  Court  of  Justice  took  into  consideration  Commission  Recommendation  2010/191/EU 17, 

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 

purposes 18. 

2.6  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 Union 19. 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 acts 20.  

3. 

Specific observations  

3.1  Constitutional right to use cash in banking transactions in accordance with the law   

3.1.1  The first part of Article 74a of the Constitution, as proposed by the draft constitutional law, specifies 

that everyone has the right to use cash in banking transactions in accordance with the law.  

3.1.2  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 no sufficient or effective access to cash, cash 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 

territory 21.   

17  

18  

19  

20  

21  

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, ELI: http://data.europa.eu/eli/reco/2010/191/oj ). See also paragraph 
2.4 of Opinion CON/2024/26. 

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 also paragraph 2.4 of Opinion CON/2024/26. 
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 also paragraph 2.5 of Opinion CON/2024/26. 
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.  See also paragraph 2.5 of Opinion CON/2024/26. 
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,  paragraph  2.3  of  Opinion  CON/2024/8  and  paragraph  3.3.2  of  Opinion 
CON/2024/26. 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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3.1.3  However,  the  ECB  understands  that  the  scope  and  extent  of  the  strengthened  constitutional 

protection of the right to use cash in banking transactions would be clarified by means of secondary 

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

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 banking transactions. 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 use cash in banking transactions 22. 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 understands that the conditions applicable to the right 

to use cash in banking transactions pursuant to the first part of Article 74a of the Constitution, as 

proposed by the draft constitutional law, would be properly specified in secondary legislation.   

3.2  Constitutional right to use cash in other forms of legal transactions in accordance with the law 

3.2.1  The second part of Article 74a of the Constitution, as proposed by the draft constitutional law, further 

specifies that, besides banking transactions, everyone has the right to use cash in other forms of 

legal transactions in accordance with the law. This entails the general right to use euro banknotes 

and coins as a means of payment in settlement of monetary debts.  

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  acceptance23.  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 

competences 24.   

3.2.3  It  must  therefore  be  considered  whether  the  second  part  of  Article  74a  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. 

22  

23  

24  

See also, in this respect, paragraphs 2.5 to 2.7 of Opinion CON/2023/25 and paragraph 3.3.3 of Opinion CON/2024/26. 
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 55. See also paragraph 3.2.2 of Opinion CON/2024/26.  
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 56 to 58. See also paragraph 3.2.2 of Opinion CON/2024/26. 

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3.2.4  The second part of Article 74a of the Constitution effectively sets out the mandatory acceptance of 

euro cash as a means of payment as a general rule 25. This can be seen from the fact that the right 

to pay in cash is recognised in respect of everyone and in relation to all kinds of legal transactions in 

accordance with the law. It therefore appears that the content and objective of the second part of 

Article  74a,  of  the  Constitution,  as  proposed  by  the  draft  constitutional  law,  is  to  ensure  the 

acceptance of euro cash as a right of general application. The ECB thus understands that, in the 

light of its objective and content, the second part of Article 74a of the Constitution, as proposed by 

the draft constitutional law, does not regulate the procedures for settling pecuniary obligations in the 

exercise of national powers26 but rather appears to regulate the status of euro cash as legal tender 27. 

3.2.5  Furthermore, it must also be considered whether the second part of Article 74a of the Constitution, 

as  proposed  by  the  draft  constitutional  law,  laying  the  right  for  everyone  to  use  cash  in  legal 

transactions, can be said to reproduce provisions of Union law. 

3.2.6  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 Union 28. 

3.2.7  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 apply 29. If such exceptional circumstances do 

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

precisely,  by  incorporation  or  reference30,  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 law 31.      

3.2.8  From this perspective, it must be stated that the second part of Article 74a 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 

25  

26  

27  

28  

29  

30  

31  

In  accordance  with  Article  15  of  the  Slovenian  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. 
See paragraph 3.2.2.  
See paragraph 3.2.4 of Opinion CON/2024/26. 
See  judgment  of  the  Court  of  Justice  of  7  February  1973,  Commission  v  Italy,  C-39/72,  ECLI:EU:C:1973:13, 
paragraphs 16 and 17; judgment of the Court of Justice of 10 October 1973, Variola, C-34/73, ECLI:EU:C:1973:101, 
paragraphs  9  to  11;  and  judgment  of  the  Court  of  Justice  of  2  February  1977,  Amsterdam  Bulb,  C-50/76, 
ECLI: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, paragraph 3.3.1 of Opinion CON/2024/1 and paragraph 3.1.2 of Opinion CON/2024/26.  
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, ECLI:EU:C:1985:147, paragraph 2.4 of Opinion CON/2022/15, paragraph 
2.2.6 of Opinion CON/2023/33, paragraph 3.3.2 of Opinion CON/2024/1 and paragraph 3.1.3 of Opinion CON/2024/26. 
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, paragraph 3.3.2 of Opinion CON/2024/1 and paragraph 3.1.3 of Opinion CON/2024/26.  
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,  paragraph  3.3.2  of  Opinion  CON/2024/1  and 
paragraph 3.1.3 of Opinion CON/2024/26.  

8 

 
 
ECB-PUBLIC 

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 exists 33. 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 coins 34. Thus, to 

the  extent  that  the  second  part  of  Article  74a  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.  

3.2.9  In the light of the above, the ECB recommends that the second part of Article 74a of the Constitution, 

as proposed by the draft constitutional law, which pertains to everyone’s right to use cash in legal 

transactions in accordance with the law, 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.   

This opinion will be published on EUR-Lex.  

Done at Frankfurt am Main, 2 September 2025. 

[signed] 

The President of the ECB 

Christine LAGARDE 

32  

33  

34  

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 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.    

9