European Central Bank Executive Board member Piero Cipollone said cash remains “indispensable” both as a payment instrument and a store of value, even as the ECB accelerates work on a digital euro. Speaking as the bank unveiled redesigned banknotes, Cipollone argued that a central-bank digital currency would complement, not replace, physical money and pledged to keep notes widely accessible. An accompanying ECB Economic Bulletin released on 4 August finds that demand for cash varies across age groups but remains robust for day-to-day transactions and for precautionary savings, challenging predictions of a near-term cashless society. The study underpins the ECB’s stance that digital innovation should build on, rather than supplant, existing forms of legal tender. The debate over legacy payment methods is playing out elsewhere in Europe. France’s Finance Ministry plans to close its last public cheque-processing centre within two years, shifting remaining volumes to a private contractor. Cheques accounted for 37 % of French transactions in 2000 but only 3 % in 2024; the Treasury handled 39 million cheques last year, a 72 % drop in 15 years. Unions warn that up to 50 jobs are at risk, while officials say the move reflects dwindling demand and rising processing costs.