The European Central Bank said that during a crisis, cash is key and supply must be ensured.

The European Central Bank stated that cash is crucial in times of crisis, and both central banks and private banks must ensure secure access to cash. At the same time, the ECB also expressed support for the idea of households maintaining emergency cash reserves. "The utility of cash is significantly enhanced when stability is threatened - regardless of the specific nature or geographical scope of potential shocks, or the level of digitalization," the European Central Bank stated in a report released on Wednesday. The report studied various crises, including the pandemic and power outages in Spain and Portugal this year. The research "highlights the ongoing importance of central banks and the private sector ensuring efficient and robust cash supply, including maintaining adequate stocks and resilient business continuity plans," economists Francesca Faella and Alejandro Zamora-Prez said.