The value of euro banknotes in circulation in the euro zone has exceeded that of national banknotes for the first time today, according to a member of the ECB’s governing council.
The ECB’s Professor Eugenio Domingo Solans declared in Madrid today "We have clearly reached a key milestone in the euro cash changeover, which marks the disappearance of the legacy currencies". "The euro cash changeover is a wide-ranging success, not only for all the parties involved in its preparation, but for all those Europeans who immediately adopted their new money," he said.
The ECB expects nearly all cash transactions will be processed in euro by the end of the week.
"Not only do the euro banknotes and coins represent a means of payment, but they also reflect the new common identity of Europe all over the world," he added.
More than 8 billion euro banknotes are already in circulation and the euro progress ratio (EPR) - a measure of the value of euro in circulation - rose from 47.6 per cent on January 9th to 50 per cent on January 10th 2002.
The total value of national banknotes in circulation dropped by €9.6 billion on January 10th.
The relatively high value of national banknotes still in circulation is explained to a certain extent by the time required for the return of national banknotes via credit institutions to their respective national central banks.