Nie ma wersji polskiej
Elisabeth Beckmann
- 21 June 2023
- THE INTERNATIONAL ROLE OF THE EURO - BOXThe international role of the euro 2023Details
- Abstract
- Geopolitical conflicts can have a significant impact on the demand for euro cash outside the euro area, as illustrated by Russia’s invasion of Ukraine in February 2022. Chart A, panel a, compares the deviation of demand for euro banknotes from historical averages, both from non-euro area countries (blue line) and from countries within the euro area (dotted grey lines) between January 2021 and May 2022 – immediately after demand returned to near-average levels. In the months before the invasion, foreign demand for euro cash remained below its historical average. However, it rose far above its historical average just after the invasion (in March 2022), to an extent greater than in most euro area countries in that period. This suggests that precautionary motives were a determinant of demand for euro cash from non-euro area countries, mainly driven by high-value denominations (€100 and €200) which are mostly used for store-of-value purposes.
- JEL Code
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- Network
- Eurosystem Research Network on Cash (EURECA)
- 2 June 2021
- THE INTERNATIONAL ROLE OF THE EURO - BOXThe international role of the euro 2021Details
- Abstract
- The international role of the euro, June 2021