different euro-area countries. Based on research by Stoyan and depending on growth assumptions, the annual outflow of German €1 … coins is calculated to lie somewhere between 4% and 5%. In the long run, the ratio of German €1 coins in Germany is likely …

estimate vector error correction models (VECM). The results suggest that the long-run demand for German small denomination … the euro area is part of the short-term dynamics. The long-run demand for German large denomination notes is mainly driven …

2011 stood at €2.3 billion; this corresponds to around 36% of the total volume of German (ie issued by the Deutsche … €2 coins. Only in the case of €2 coins has the cash stock held for transaction purposes made a significant contribution … method of determining the demand for this denomination. Given the overall weakness in the growth of the cash held for …