In this paper, we analyze the volume of euro banknotes issued by Germany within the euro area with several seasonal … methods. We draw a distinction between movements within Germany, circulation outside Germany but within the euro area and … demand from non-euroarea countries. Our approach suggests that only about 20% of euro notes issued by Germany are used for …

According to estimates using the seasonal method, the volume of euro coins held for transaction purposes in Germany in … Bundesbank) euro coins in circulation. 76% of the total volume of coins held for transaction purposes was accounted for by €1 and … abroad German euro coins are, on balance, only held outside the euro area. There they are being hoarded on a permanent basis …

notes is mainly driven by domestic transactions and demand from outside the euro area. The transaction motive in the rest of … the euro area is part of the short-term dynamics. The long-run demand for German large denomination notes is mainly driven … by foreign demand both from the rest of the euro area and outside the EMU. The global financial crisis led to a one …