Euro Banknotes Research Articles

Raman Microspectroscopy of Genuine and Fake Euro Banknotes

ABSTRACT To evaluate the effectiveness of Raman microspectroscopy in euro banknotes’ recognition, several genuine and fake 10 and 20 euro banknotes were analyzed. Raman microspectroscopy revealed itself to be very useful in the detection of differences in the inks used to provide the color on the banknotes. However, the study revealed that the Raman analysis results are not decisive to guarantee the authenticity of a specific banknote since similar Raman spectra were obtained for genuine and fake banknotes. Even the Raman microspectroscopy analysis obtained for the same color on different areas of fake banknotes revealed similar spectra, and this can help law enforcement agencies to identify counterfeit tracking routes.

Investigation into the prevalence, persistence and antibiotic resistance profiles of staphylococci isolated from euro currency

The study set out to sample € 10 banknotes for the presence of coagulase-positive staphylococci (CPS) such as Staphylococcus aureus (S. aureus) and coagulase-negative staphylococci (CoNS) in Southern Ireland, to assess the levels of antibiotic resistance among those isolated, and determine the persistence of S. aureus on € 10 banknotes and € 2 coins. We report that 97% of € 10 banknotes screened (n = 155) harboured multiple species of staphylococci. From the generated bank of strains, a total of 150 representative staphylococci isolates were used for further study, 71 were CPS and 79 were CoNS. Of these, we found that 62% of the staphylococci demonstrated resistance to at least one of the first-line antibiotics (52.11% of CPS isolates and 76.71% of the CoNS isolates). Resistance to multiple antibiotics was seen in 31.18% of the resistant isolates. In relation to persistence studies, S. aureus was shown to remain viable on euro banknotes and coins for significant periods (on average, 19.33 days on € 10 banknotes and 16.67 days on € 2 coins) as determined using bioluminescence. We advocate the expansion of antibiotic surveillance programs, with a view to tracking/monitoring antibiotic resistance dissemination among environmental contaminants. Additionally, we propose that 'cashless transactions' should be encouraged in high-risk environments such as hospitals and healthcare settings, as well as stricter infection controls. Although it is accepted that circulating currency has the potential to harbour disease-causing pathogens, studies investigating prevalence and persistence of such pathogens on euro currency are virtually nonexistent. In an attempt to rectify this, we examined the prevalence of staphylococci on € 10 banknotes in Ireland and reported relatively high levels of antibiotic resistance among the isolates. Furthermore, we have established the persistence of S. aureus on euro currency for the first time.

Currency movements within and outside a currency union: The case of Germany and the euro area

• We study euro banknotes issued by Germany and circulating abroad and being hoarded. • We use several seasonal models. • We distinguish between demand from the rest of and outside the euro area. • In 2009 about 70% of German banknotes is held abroad. • Only 20% is used for transactions purposes. In this paper, we analyse the volume of euro banknotes issued by Germany within the euro area with several seasonal methods. We draw a distinction between movements within Germany, circulation outside Germany but within the euro area and demand from non-euro-area countries. Our approach suggests that only about 20% of euro notes issued by Germany are used for transactions in Germany. The rest is hoarded (10%), circulates in other euro area countries (25%) or is held outside the euro area (45%).

Forgery Detection and Value Identification of Euro Banknotes

This paper describes both hardware and software components to detect counterfeits of Euro banknotes. The proposed system is also able to recognize the banknote values. Differently than other state-of-the-art methods, the proposed approach makes use of banknote images acquired with a near infrared camera to perform recognition and authentication. This allows one to build a system that can effectively deal with real forgeries, which are usually not detectable with visible light. The hardware does not use any mechanical parts, so the overall system is low-cost. The proposed solution is reliable for ambient light and banknote positioning. Users should simply lean the banknote to be analyzed on a flat glass, and the system detects forgery, as well as recognizes the banknote value. The effectiveness of the proposed solution has been properly tested on a dataset composed by genuine and fake Euro banknotes provided by Italy's central bank.

Do people access meaning when they name banknotes?

Do people access the monetary value of banknotes when they say them aloud? In this study, we evaluated this question by asking people to name sequences of euro banknotes blocked by category or mixed with exemplars of other categories. The participants did not show an interference effect in the blocked context. The absence of semantic interference effect was also observed when participants named euro banknotes that did not have imprinted monetary value. These results suggest a direct connection between perceiving banknotes and accessing their names.

A simple way to capture currency abroad

In this article, we analyse the volume of euro banknotes issued by Germany that circulate abroad. Inferences are drawn from a coin model. Our approach suggests that foreign demand has increased since 2002. At the end of 2009 nearly 50%, the equivalent of €170 billion, is held outside the euro area.

Detection and Significance of Cocaine Traces on Swiss and Euro Banknotes

Detection and Significance of Cocaine Traces on Swiss and Euro Banknotes

Do Germans Support the Euro?

This paper analyses public support for the euro in Germany. Drawing from the results of regular Eurobarometer surveys, it finds that the ongoing financial and sovereign debt crisis has reduced support for the euro among German citizens, but not dramatically so - at least not yet. In the 1990s, the German public was sceptical towards the euro. But since the introduction of euro banknotes and coins, a clear majority of citizens supports the euro - despite the financial and sovereign debt crisis. Moreover, on average, support for the euro is at a similar level in Germany as it is elsewhere in the euro area. This salient finding, however, appears to contradict the results of a survey conducted by the Allensbach Institute, an influential public opinion polling centre in Germany, which concludes that an overwhelming majority of Germans do not trust the euro any more. We suggest that this striking difference in findings could be due to three factors: a) the fact that the Allensbach Institute and Eurobarometer were measuring different concepts: trust in the euro and support for the euro, respectively; b) the Allensbach Institute's results might be biased, given the scaling of their trust question and c) the fact that Eurobarometer frames its survey questions explicitly in a European context, whereas the Allensbach surveys have a purely national context.

Eurosystem Debts, Greece, and the Role of Banknotes

The public debt of Greece to foreign governments, including debt to the EU/IMF loan facility and debt through the eurosystem, rose from €47.8bn to €180.5bn between January 2010 and September 2011. €17.1bn of the rise in eurosystem debt was due to an 86% increase in the Greek issue of euro banknotes. If EU/IMF loans to Greece cease, they will be replaced by larger Greek borrowing from the eurosystem, for as long as Greece stays in the euro. Eurozone governments would only escape from lending to Greece if access of the Bank of Greece to eurosystem credit were restricted. But this would impede the clearance of payments out of Greece, it would imply that cross-border payments by means of euro banknotes would also have to be restricted, and it would force Greece out of the euro.

Occurrence of Contamination by Controlled Substances in Euro Banknotes from the Spanish Archipelago of the Canary Islands

The social problems of drug abuse are a matter of increasing global problem. Nowadays, international agencies need fresh methods to monitor trends of the use of illicit drugs. In this sense, small amounts of drugs are transferred to banknotes and they could be detected and quantified. An analytical procedure based upon extraction with organic solvent, liquid chromatography separation, and mass spectrometric detection allowed the identification of 21 drugs and metabolites in 120 used Euro banknotes collected in the Canary Islands (Spain). Most of the banknotes analyzed showed detectable drug residues (92.5%). Cocaine was the most frequently detected drug, present in approximately 90% of the samples. In addition, 75%, 35%, and 15% of the banknotes showed residues of amphetamine derivatives, opiates, and benzodiazepines, respectively. An average of three drug residues per banknote was detected. In summary, the presence of drug residues in banknotes could be useful as tracer for drugs prevalence.

Der Auslandsumlauf Deutscher Euro-Banknoten: Schätzung Mit Indirekten Ansätzen

In this paper, we endeavour to determine the volume of euro banknotes issued by Germany that is in circulation outside Germany. In so doing, we draw a distinction between banknotes outstanding in non-euro-area countries and those that are in circulation in other euro-area countries. The analysis is based on approaches that estimate the volume of banknotes in circulation outside Germany indirectly. The observation period runs from 2002 to 2009. We discover that, at the end of 2009, a total of roughly two-thirds of Germany's cumulated net issuance of euro banknotes was in circulation outside Germany. The lion's share of roughly €160 billion was in non-euro-area countries, with the remaining €80 billion in other euro-area countries. Thus, the volume of German euro banknotes in circulation in Germany accounted for only roughly one-third of all banknotes issued by the Deutsche Bundesbank (€350 billion). This confirms the results of direct approaches.

Foreign Demand for Euro Banknotes Issued in Germany: Estimation Using Direct Approaches

Foreign Demand for Euro Banknotes Issued in Germany: Estimation Using Direct Approaches

Foreign Demand for Euro Banknotes Issued in Germany: Estimation Using Indirect Approaches

In this paper, we endeavour to determine the volume of euro banknotes issued by Germany that is in circulation outside Germany. In so doing, we draw a distinction between banknotes outstanding in non-euro-area countries and those that are in circulation in other euro-area countries. The analysis is based on approaches that estimate the volume of banknotes in circulation outside Germany indirectly. The observation period runs from 2002 to 2009. We discover that, at the end of 2009, a total of roughly two-thirds of Germany's cumulated net issuance of euro banknotes was in circulation outside Germany. The lion's share of roughly €160 billion was in non-euro-area countries, with the remaining €80 billion in other euro-area countries. Thus, the volume of German euro banknotes in circulation in Germany accounted for only roughly one-third of all banknotes issued by the Deutsche Bundesbank (€350 billion). This confirms the results of direct approaches. In dem vorliegenden Papier versuchen wir den Bestand der Euro-Banknoten zu ermitteln, der sich von der deutschen Banknotenemission im Ausland befindet. Dabei unterscheiden wir nach Bestanden, die auserhalb des Euro-Wahrungsraumes gehalten werden, und solchen, die in anderen Landern der EWU zirkulieren. Die Analyse basiert auf Ansatzen, die den Auslandsumlauf auf indirektem Wege abschatzen. Der Untersuchungszeitraum reicht von 2002 bis 2009. Wir finden heraus, dass Ende 2009 insgesamt rund zwei Drittel der deutschen kumulierten Nettoemissionen im Ausland umliefen. Der groste Teil, etwa 160 Mrd. €, befand sich auserhalb des Euro-Raums, der Rest - 80 Mrd. € - lief in anderen EWU-Landern um. Somit entsprach der Inlandsumlauf deutscher Euro-Banknoten nur rund einem Drittel aller von der Bundesbank in Hohe von 350 Mrd. € in Umlauf gegebenen Banknoten. Damit werden die Ergebnisse direkter Ansatze bestatigt.

Screening for illicit drugs on Euro banknotes by LC–MS/MS

A method for the simultaneous quantification of illicit drugs on Euro banknotes, using an ultra-performance liquid chromatography tandem mass spectrometry, was developed and validated. The method included cocaine, benzoylecgonine, MDMA, MDEA, MDA, methamphetamine, diacetylmorphine, 6-MAM, morphine and Δ 9-THC. Drug residues were monitored and quantified via positive ESI mode using multiple reaction monitoring. Banknotes were extracted with methanol by vigorous shaking. Recovery rates were in the range of 60–80%. Calibration was performed with spiked banknotes in the range of 10–100 ng/note ( R 2 0.98–0.99). Intra-day analysis showed fair precision and accuracy (≤15%). Matrix effects were in the range from 27% to 235%. 7–15 samples of each denomination were analyzed. The calculated median values per note were 106 ng cocaine, 43 ng benzoylecgonine, 41 ng heroin, 15.5 ng 6-MAM, 16.5 ng morphine, 9 ng MDMA and 7 ng methamphetamine. Δ 9-THC was detected on 4 banknotes. MDEA and MDA were not detected on any note. A widespread background contamination for cocaine and opiates was demonstrated.

Evaluating habits of abuse of illicit drugs in a tourist region (the Canary Islands, Spain) through the determination of drug residues in Euro banknotes

Evaluating habits of abuse of illicit drugs in a tourist region (the Canary Islands, Spain) through the determination of drug residues in Euro banknotes

The speed of euro adoption

This paper estimates the speed and determinants of euro adoption across Italian provinces by exploiting the natural experiment in early 2002 when euro and lira dually circulated as legal tender. A unique data set with daily observations on the net flows of euro banknotes from the branches of the Bank of Italy, province by province, is used. The speed of euro adoption differs according to the availability of transaction technology and demographic characteristics. Lessons for countries adopting a new currency are obtained.

Financial Market Dynamics in an Enlarged European Union

This paper provides evidence of integration in European equity and bond markets over the period January 2, 1997 to October 1, 2006. Our focus is to examine time-varying correlation dynamics in Euro-area, Central European (CE) and Balkan financial markets, modifying the asymmetric generalized dynamic conditional correlation (AG-DCC) model developed by Cappiello, Engle and Sheppard (Journal of Financial Econometrics, 2006). Using structural breaks, we identify the optimal time decay where financial markets share highest comovement. The results show an increase in the level of dependence during the period of the internet bubble collapse (2000), the Balkan countries start formally discussions to join European Union (2000), the introduction of Euro banknotes and coins (2002) and the entry of CE countries in EU (2004). The CE European and Balkan countries become gradually more integrated with the EMU countries, which is consistent with the interpretation that these countries may be expected to

The Euro Goes East

A unique opportunity came with the advent of euro banknotes and coins on 1 January 2002 to gain first-hand evidence on the foreign circulation of the euro. Evidence collected on this occasion suggests that the euro has smoothly and successfully replaced the legacy currency banknotes circulating outside the euro area, notably the Deutsche Mark. A large proportion thereof were indeed converted into euro banknotes in the wake of the cash changeover. In eastern Europe, interestingly, a significant share of the legacy currency banknotes were also deposited in euro-denominated accounts. Hence, in this region, the euro circulates increasingly in scriptural form. Overall, the role of the euro as a parallel currency in eastern Europe reflects strong financial, economic and institutional links with the euro area, which are likely to become even stronger in the future.

The Introduction of the Euro Banknotes: Some Legal Issues

This paper addresses two legal issues regarding the euro banknotes, in circulation since zero hours 1 January 2002, the currency of some 300 million Europeans. These are the physical representation of the single currency introduced 1 January 1999. Following the introduction of such banknotes, monetary debts may be discharged in a territory that extends from Faro in Portugal to Rovaniemi in Finland, from the Aran Islands in the Atlantic to the island of Crete in the Aegean. No doubt a major and a historical event for Europe.

The Introduction of the Euro Banknotes: Some Legal Issues

This paper addresses two legal issues regarding the euro banknotes, in circulation since zero hours 1 January 2002, the currency of some 300 million Europeans. These are the physical representation of the single currency introduced 1 January 1999. Following the introduction of such banknotes, monetary debts may be discharged in a territory that extends from Faro in Portugal to Rovaniemi in Finland, from the Aran Islands in the Atlantic to the island of Crete in the Aegean. No doubt a major and a historical event for Europe.