For much of Germany, however, the phrase is still up to date. When in Berlin, do not count on getting around easily with just a credit card. This may be surprising to some. After all, Germany is Europe's leading economy and famous for technological know-how. But, even while some of its neighbors in Europe and elsewhere are quickly swapping physical money for new pay technologies, many Germans prefer their euro bills.
Cash is quick and easy to use, they argue. It provides a clear picture of personal spending, keeps transactions more private and is widely accepted in the country. This way I have the feeling of keeping track of the money I spend," says Madeleine Petry, 29, as she shops at a supermarket in Berlin.
That's more than three times what the average French person carries 32 euros , according to the European Central Bank. It is also far more than what Americans carry.
Three-quarters of respondents in a U. That's not to say that Germans rule out other modern payment methods. In , for the first time, Germans used plastic for payments more than bills. Still, Germany has one of the highest rates of cash use in the European Union. Since the common currency was introduced in , the Bundesbank has issued more euros than the bloc's other members combined, according to a Bloomberg report.
As of the end of March, Germany's central bank had issued billion euros in banknotes. There are also historical reasons for Germans' passion for hard cash. This seems to be connected to the building of a new democratic state, peace and freedom," explains Oliver Serfling , associate professor of economic policy and development at the Rhine-Waal University of Applied Sciences. For people in the eastern part of the country, he says, money was a symbol for the end of the socialist economy of scarcity, for participating in the well-being of the West and the reunification of Germany.
