that a digital euro would be a complement to cash, not a replacement. both are important for our aim of providing safe money as a public good and preserving the role of sovereign money at the heart of the financial system. in fact, a clear message from our recent public consultation was that most respondents were willing to support a digital euro, but only on the condition that the eurosystem maintained its commitment not to use a digital euro to discontinue cash. we are also learning from our experience with cash. cash forms the basis of europeans ’ expectations of central bank money. accordingly, the digital euro should be widely accessible, inclusive, and respectful of privacy. it is also expected to be legal tender, while fully respecting the legal tender status of cash. conclusion let me conclude. the world is changing fast. but the eurosystem will ensure that in the digital era all europeans will continue to have cost - free access to safe, sovereign money that respects privacy and has legal tender status, ensuring it can be used everywhere. our commitment to both the physical and the digital euro will strengthen the role of public money in the euro area, making it fit for the digital age while ensuring that cash will continue to meet the needs of europeans. 1. see mckinsey & company ( 2020 ), “ how covid - 19 has pushed companies over the technology tipping point — and transformed business forever ”, october. 2. see “ study on the payment attitudes of consumers in the euro area ( space ) ”, ecb, frankfurt am main, december 2020. 3. ibid. 4. see panetta, f. ( 2020 ), “ beyond monetary policy – protecting the continuity and safety of payments during the coronavirus crisis ”, the ecb blog, april ; and tamele, b., zamora - perez, a., litardi, c., howes, j., steinmann, e. and todt, d., “ catch me ( if you can ) - assessing the risk of sars - cov - 2 infection via euro cash ”, occasional paper series, ecb, forthcoming. 5. see cox, n. et al. ( 2020 ), “ initial impacts of the pandemic on consumer behavior : evidence from linked income, spending, and savings data ”, brookings papers on economic activity, summer 2020 special edition. 6. see zamora - perez, a. ( 2021 ), “ the paradox of bank

of the european construction. they are the most tangible and visible symbol of european integration. the future of cash given its many functions, i expect cash to survive the digital revolution and that people will continue to use it for many years to come. but cash could be under threat if, for example, retailers stop accepting it at points of sale. it is therefore vital that we protect the role of cash as both a means of payment and a store of value. for this reason, the governing council adopted the eurosystem ’ s cash 2030 strategy in september last year. we have four key strategic goals in this respect. the first is to continue providing an efficient and robust supply of cash. this reflects our responsibility under the eu treaty to satisfy any demand for euro banknotes, in any situation and for any amount. the second goal is to ensure that euro banknotes and coins continue to be universally accepted by merchants and available to consumers as part of the basket of payment instruments. the third goal is to continue providing safe, state - of - the - art euro banknotes, recognising their role as a powerful symbol of european integration. as part of our strategy, we will engage with the public to understand which themes and designs can best connect us through euro banknotes in the future. finally, we plan to assess and reduce the environmental footprint of cash via new products and processes. central to this goal is our target to use 100 % sustainable cotton for banknotes and the landfill ban for banknote waste. to achieve these goals we are cooperating with a range of stakeholders and taking several concrete measures. last year, the euro retail payments board ( erpb ) – which i chair as a representative of the ecb – decided to set up a dedicated working group to analyse the adequacy of cash services and to preserve cash infrastructure in the euro area. [ 16 ] this group brings together central banks, bank and nonbank intermediaries, retailers and consumer associations and will provide a report in the autumn. we are also supporting the european commission in exploring the need for a review of its 2010 recommendation on the scope and effects of legal tender of euro banknotes and coins and for new regulatory measures to ensure adequate cash services across the euro area. these measures reflect the eurosystem ’ s commitment to safeguarding cash and its role as a payment instrument. this commitment can also be seen in our ongoing reflections on the potential launch of a digital euro. we have made it clear