Bindseil, Ulrich (contributor) - 2004
, Germany
Telephone
+49 69 1344 0
Internet
http://www.ecb.int
Fax
+49 69 1344 6000
Telex
411 144 ecb d
All rights reserved … reserve requirements (X1), and excess reserves generated
by banks obliged to fulfil reserve requirements (X2). Figure 2 shows … high volatility of the level of banknotes in circulation. Overall, X1 averaged
EUR 161 million with a standard deviation of …