The Deutsche Bundesbank held a one-day cash symposium in Frankfurt am Main that explored the various historical, cultural and business aspects of cash operations.
Carl-Ludwig Thiele, Member of the Bank’s Executive Board, who initiated the cash symposium, began his speech by pointing out that cash had gradually built up respect by gaining the public’s trust over a long and, at times, painful process.
Helmut Rittgen, Head of the Deutsche Bundesbank’s Cash Department, was confident that “the benefits of cash will continue to apply in the long run”, even if it is impossible to predict which means of payment will be favoured by future generations.
Dr Michael Kemmer, General Manager and Member of the Board of Directors of the Association of German Banks, said that there would “continue to be notes and coins for some time to come”, not least because, being legal tender, they could be used quickly, anonymously and cheaply by the general public. However, as he went on to say, the increasing use of digital payment schemes would continue to erode the market share enjoyed by cash: “Digital cash is the cash of the future”.
Georg Fahrenschon, President of the German Savings Banks and Giro Association, added that the cash cycle infrastructure was not a public good that could be provided free of charge. The load needed to be shared equitably among cash handlers.
In the closing podium discussions chaired by Holger Steltzner, the speakers took questions from the floor.
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