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Euro banknotes in circulation have been flat at 1.6 trillion euro for four years while cash use kept falling
| End of year | Banknotes in circulation | Share of total Eurosystem liabilities |
|---|---|---|
| 2021 | 1.5 trillion euro | 18 per cent |
| 2022 | 1.6 trillion euro | 20 per cent |
| 2023 | 1.6 trillion euro | 23 per cent |
| 2024 | 1.6 trillion euro | 25 per cent |
| 2025 | 1.6 trillion euro | 26 per cent |
From the central bank's annual reports. Three consecutive reports describe the stock as virtually unchanged. The rising column is a share of a shrinking balance sheet, not a rising quantity of notes.
A popular claim says cash circulation rises as cash payments fall. At the central bank's published precision the stock has been unchanged at 1.6 trillion euro since 2022. What rose is its share of the balance sheet, because the balance sheet shrank.
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