The euro is set to usurp the dollar and the world's favourite form of cash. At the end of October there were dollar notes in circulation across the world to the value of $759bn, only slightly ahead of the cumulative value of euro notes.
Since then however, the value of the euro has risen against the dollar, bringing with it the overall value of euro notes in circulation. Estimates put the current value of all euro notes in circulation at $800bn.
On New Year's Day, Europe will celebrate the fifth anniversary of a note which was introduced three years after the beginning of European Monetary Union.
In January 2002 the euro notes in circulation were valued at only $396bn, but demand for the note has increased by at least 10pc in each of the subsequent years.
Nobody knows why. The population of the eurozone, at 315m people, is greater than the US but this hardly explains the currency rapid rise to ascendancy.
It is also thought that Europeans are more likely to hoard cash than their American counterparts. Historically low interest rates in the eurozone have not improved the attractiveness of holding money on deposit.
The euro is still not challenging the dollar when it comes to countries holding foreign currency reserves, but even in that area the euro is becoming more popular.
However, it does have a special place for countries hoping to join the EU. Kosovo and Montenegro have already adopted the euro as their national currency, yet neither is an EU state.
There are suspicions that it is the international criminal element which is pushing up the demand for euro. The €500 note, it seems, is particularly popular among the types who prefer to hold their assets anonymously.
Could it possibly be because of all the "tracking" that the US does with currency transactions? Tracking money orders, reporting large cash transactions, siezing "excessive" amounts of cash if you dont/ cant provide a bank statement as to why you have it, attaching you ss# to EVERYTHING.... just a thought
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