The euro goes East

Central banks know precisely how many banknotes their printing works produce. However, they do not know where banknotes are held once they enter into circulation, due to their anonymity. But central banks issuing an international currency have to deal with this subject because information about currency circulation abroad sheds light on the international role played by their currency (De Boissieu, 2002; Walter, 2002). Moreover, developments in circulation abroad may affect the stability of the

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