It is practically impossible to determine exactly the quantity of euro banknotes circulating in an individual euro area member country. Therefore, a presumptive allocation is made. According to this, 8 percent of the total value of euro banknotes in circulation is first attributed directly to the ECB. The remaining 92 percent is then allocated to the national central banks according to the proportion of their capital deposited with the ECB. The share calculated in this way for Germany is shown each month in the Statistical Section of the Deutsche Bundesbank’s Monthly Report under the heading “Banking statistics in the European Monetary Union”. – The ECB refers to banknotes in circulation as an autonomous factor, i.e. as a quantity that does not generally result from the use of monetary policy instruments. – A not insignificant part of the demand for euro banknotes, which is difficult to quantify, comes from outside the euro area and is held there primarily as a store of value. – See banknote return rate, preclusive date, fitness, world currency. – See the respective amounts of banknotes in circulation in the annex “Statistictics of the euro area” in the ECB’s Monthly Bulletin, section “Monetary statistics,” subsection “Consolidated financial statement of the Eurosystem”; Deutsche Bundesbank’s Monthly Bulletin of July 2004, p. 66 (weekly patterns of changes in banknotes in circulation); ECB Monthly Report of October 2007, p. 111 ff. (second series of euro banknotes); ECB Monthly Report of January 2008, p. 98 ff. (overviews of banknotes in circulation as a component of autonomous factors); Deutsche Bundesbank Monthly Report of June 2009, pp. 52 f. (demand for cash in general; in 2008, 58 percent of Germans paid with cash and only 26 percent with card; lines of development), pp. 60 f. (determinants of banknote demand), Bundesbank Monthly Report of January 2011, pp. 19 ff. (detailed presentation; many overviews), pp. 31 ff: foreign circulation of banknotes issued in Germany; movements due to travel, pp. 35 also results of the household survey on travel expenditure since 2002; p. 42: overview); ECB Monthly Bulletin of April 2011, p. 83 ff (use of euro banknotes by businesses and households; overviews), ECB Monthly Bulletin of January 2014, p. 83 (seasonal development of banknotes in circulation; overview).
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