Cash is the most frequently used form of payment by Europeans at the point of sale (POS).1 For this reason, an adequate cash cycle infrastructure must be in place, with a sufficient distribution system allowing people and businesses to access cash through the automated teller machine (ATM) network, bank branches and other cash access points. Europeans need their cash to be accepted by retailers, while retailers need a proper infrastructure in place to be able to deposit the cash they receive.Many other aspects must be considered in addition to a well-functioning infrastructure to ensure trust and a viable euro banknote cash cycle, such as the quality and security of the banknotes. Environmental, health and safety aspects should also be taken into consideration to make sure that the banknotes are safe to use and do not have a negative impact on the environment. The environmental aspects of euro banknotes and the cash cycle have not only been a priority for the Eurosystem since the launch of the euro in 2002 but are also a key element of its cash strategy.2 Efforts have continued, and will continue, to reduce the environmental impact of euro banknotes.Following the launch of the second euro banknote series – the Europa series – the ECB started to assess the environmental impact of euro banknotes as a means of payment with a new study.3 This study is based on the European Commission’s Product Environmental Footprint (PEF) methodology.4