All banknotes and coins in circulation that are used as legal tender. At the ECB, this is more precisely the banknotes issued by the Eurosystem plus the coins issued by the Eurosystem and central governments. This is a net figure; the banks’ (cash) holdings and the central bank’s own holdings are deducted. – See cash, base money, money supply, gold backing, liquidity, M1, M2, M3, central bank money – Cf. Monthly Report of the Deutsche Bundesbank of March 2002, pp. 19 ff. (Comparison of DEM and EUR in circulation), Monthly Report of the Deutsche Bundesbank of June 2009, pp. 60 f. (Determinants of the demand for cash), Monthly Report of the Deutsche Bundesbank of March 2010, pp. 33 et seq. (Use of cash in Germany; overviews), Deutsche Bundesbank’s Monthly Report of March 2010, pp. 33 et seq. (Use of cash in Germany; overviews), as well as the respective ECB Monthly Report, there the annex “Euro area statistics” and the section “Monetary developments, banks and investment funds.”
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