High demand for euro notes concerns ECB

Internet banking and unexpectedly strong demand for euro notes, especially €500 notes, may be distorting money supply data watched closely by the European Central Bank, according to an ECB study. Demand for euro notes has continued to grow apace, even four years after the switch from national currencies in the 12-country eurozone, the ECB reported in its April 2006 monthly bulletin.

European Central Bank: Monthly Bulletin, April 2006 http://www.ecb.int/pub/pdf/mobu/mb200604en.pdf

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