Bartzsch, Nikolaus; Rösl, Gerhard; Seitz, Franz - Deutsche Bundesbank - 2011
Germany. In so doing, we draw a distinction between banknotes outstanding in non-euro-area countries and those that are in … circulation in other euro-area countries. The analysis is based on various available statistics and, as an additional aid, on … amount of approximately €220 billion are in circulation outside Germany. The lion's share of roughly €160 billion is in non-euro-area …