Central Banking

ECB's Tumpel-Gugerell on a SEPA for cards

In the speech 'A SEPA for cards: a contribution to a cashless society?' given on 20 September Gertrude Tumpel-Gugerell of the ECB said the ECB has been surprised by the strength of growth in cash in circulation since the launch of the euro.

"The growth of the use of cash has surprised us," she told a European Financial Management and Marketing conference.

She said one explanation could be the extensive use of the euro outside the eurozone.

The ECB estimates that around 10 pct of euro banknotes in

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