The European Payments Council has published an updated framework for the Single Euro Cash Area (SECA), which seeks to reduce the cost of cash in Europe. According to the EPC, the number of banknotes in circulation in the Eurozone has increased by 133% since 2002 and the cost of cash has increased by 30% in that period. The EPC recommends that euro area Member States 'strive' for a decrease in cash usage. The framework aims to define banking industry requirements for core cash services provided by National Central Banks and outlines a set of best practices for the efficient distribution and recirculation of euro cash in the Eurozone.
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European Payments Council publishes updated Single Euro Cash Area Framework
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