ECB recommends keeping cash as an emergency alternative
This year's blackout in Europe, which affected Spain, France, and Portugal, has led the European Central Bank to recommend keeping cash to cope with emergencies like this one
In the face of a power emergency, shopping and payments become a headache. As an alternative that provides peace of mind and security to the population, the European Central Bank (ECB) has recommended keeping some cash.
This suggestion, in a context marked by electronic payments, cryptocurrencies, and the disappearance of fiat money in several countries, even due to government measures, seems contradictory.
However, it is a way to provide protection for Europeans in the event of another power outage like the one that affected Spain, France, and Portugal, among others, a few months ago. At that time, paying for necessities and utilities was impossible online.
For this reason, in its latest report, the ECB highlighted the importance of having cash in households in the face of global crises. “The European institution recommends having a cash reserve of 70 to 100 euros per person, or at least 72 hours of provisions. This sum, whether for a family of two, three, or four members, would be sufficient to cover basic needs for at least three days.”
M.Pino
Source: 20minutos
(Reference image source: Jakub Żerdzicki on Unsplash)
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