In this paper, we endeavour to determine the volume of euro banknotes issued by Germany that is in circulation outside … Germany. In so doing, we draw a distinction between banknotes outstanding in non-euro-area countries and those that are in … outside Germany indirectly. The observation period runs from 2002 to 2009. We discover that, at the end of 2009, a total of …

Inlandsumlauf von Euro-Banknoten in Deutschland Ende 2009 (rd. 130 Mrd. €) nur rund einem Drittel aller von der Deutschen Bundesbank …In this paper, we endeavour to determine the volume of euro banknotes issued by Germany that is in circulation outside … Germany. In so doing, we draw a distinction between banknotes outstanding in non-euro-area countries and those that are in …