The number of banknotes in circulation in the EU is increasing, despite the widespread use of digital payments.

According to data from the European Central Bank (ECB), the number of banknotes in circulation in the European Union continues to grow, despite the widespread use of digital payments.

Philip Lane, the chief economist of the ECB, emphasized that although cash transactions are declining, the total stock of banknotes is increasing, fueled by fears related to wars and cyberattacks.

In 2025, EU citizens were advised to have cash reserves and essential products for emergency situations, following the devastating fires in Europe. The ECB reported an increase in the value of banknotes from 1,000 billion euros in 2016 to 1,600 billion euros in 2026.

McCarthy, a professor at University College Cork, highlighted the need to maintain ATM networks and the accessibility of cash for all social categories.