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Europe's cash addiction drives banknote demand


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Euro notes have become the world's favourite form of cash because of Europeans' financial habits rather than international demand for the young currency, according to a European Central Bank report released on Monday.


Banknote holdings per person are almost twice as high in the 13-country eurozone as in the US, the study shows, while eurozone citizens typically withdraw 50 per cent more each time they use a cash machine.


Since the introduction of euro notes and coins in 2002, circulation has soared above expectations. Last year, the value exceeded the value of dollar bills in circulation.



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