According to the ECB's annual report for 2003, the value of euro banknotes in circulation increased by over 20% in 2003 to €436 billion. Almost half of this increase represents demand for the eurosystem's highest value note, the €500. The value of US
While the euro-area's economy may be sluggish, demand for the euro - as hard cash - has started to take off. This weeks CentralBankNet Monday special suggests the euro's bid to challenge the dollar as the world's hoarded currency has truly begun.