##notes : understanding the demand for cash beyond transactional use ”, economic bulletin, issue 2, ecb, frankfurt am main. 7. persons aged 15 +. see world bank ( 2018 ), “ the little data book on financial inclusion 2018 ”, world bank, washington, d. c. 8. while some unbanked adults may rely on a member of their household to use electronic payment instruments that need a bank account, this limits their independent access to financial resources and further increases the importance of cash to them. 9. euro banknotes have embedded visual and haptic security features. 10. alvarez, f. and argente, d. ( 2020 ), “ consumer surplus of alternative payment methods : paying uber with cash ”, nber working paper series, no 28133, november. 11. alvarez, f., argente, d., jimenez, t. and lippi, f. ( 2021 ), “ cash : a blessing or a curse ”, mimeo. 12. rogoff, k. ( 2016 ), the curse of cash, princeton university press. 13. the ecb discontinued the production and issuance of €500 banknotes in 2019, although existing €500 banknotes are still legal tender and can therefore continue to be used and will always retain their value. 14. kahn, c. m., mcandrews, j. and roberds, w. ( 2005 ), “ money is privacy ”, international economic review, vol. 46, no 2, may, pp. 377 - 399. 15. acquisiti, a., taylor, c. and wagman, l. ( 2016 ), “ the economics of privacy ”, journal of economic literature, vol. 54, no 2, june, pp. 442 - 492. 16. see “ mandate of the erpb working group on access and acceptance of cash ”. 17. see ecb ( 2021 ), “ eurosystem report on the public consultation on a digital euro ”, april.

jean - claude trichet : introductory remarks at the signing ceremony for the t2s memorandum of understanding speech by mr jean - claude trichet, president of the european central bank, at the signing ceremony for the t2s memorandum of understanding, frankfurt, 16 july 2009. * * * dear ladies and gentlemen, we are gathered here today to mark the signing of a memorandum of understanding on t2s between the eurosystem and the csds of europe for the next stage of the t2s project. t2s will create a single european, borderless, settlement platform, offering highly secure delivery versus payment for the settlement of securities, using central bank money. by combining cash and securities settlements in one shared platform, it will create a single pool of securities available to market users through their chosen csd, irrespective of the location of the issuer, the security or the settlement counterparty. as a result, cross - border transactions will become as simple as domestic ones. through economies of scale, the cost of settlement on both a domestic and cross - border basis will be substantially reduced. like an airport servicing various airlines, t2s will provide a basic public infrastructure that can be leveraged by csds to offer, for example, a mix of value - added products and services to their customers. by creating a single pool of securities that is accessible from any csd regardless of its location, it will naturally lead to more competition in the settlement industry, more transparent and efficient pricing, and create new opportunities for cross - border trading venues. on top of this – and this has moved more to the forefront in recent months – through its reduced liquidity needs and its operational robustness, t2s will also contribute to the stability of the financial system. overall, this dynamic process is likely to create substantial gains for the european financial industry. furthermore, by helping to overcome the fragmentation in the european market for securities settlement, t2s reinforces many other european union initiatives, such as the code of conduct for clearing and settlement, the giovannini harmonisation process and of course the mifid directive. in this way, t2s helps to drive forward the single market objectives set out by the lisbon agenda. today ’ s signing of the memorandum of understanding, which sets out the mutual obligations of the eurosystem and csds, brings us another step closer towards realising this goal. the presence here of settlement houses operating not only in the euro area but also from