• Reasons for and objectives of the proposal
The arrival of the euro as the single European currency was a major step forward in European integration. Euro cash is a dominant means of payment [https://www.ecb.europa.eu/euro/cash_strategy/cash_role/html/index.en.html], as citizens and retailers use euro cash in daily transactions to make payments or give change in the euro area. Cash is the only means of payment that allows direct in-person payments, with immediate settlement and without involvement of any third party or use of electronic equipment.
The growth of electronic payments, a trend accelerated by COVID-19, has led to a general decline in cash payments and the reductionof automated teller machine (ATM) networks in a number of Member States means there are risks to access to cash. Thus, the issue of the scope and meaning of the legal tender status of cash has become more prominent in the EU policy agenda, as outlined in the Commission's Retail Payments Strategy and in view of
…