We currently see no indication that the public at large is willing to abandon the valued and trusted advantages of cash. But we are preparing to be ready should things change.
Would you say that the euro is now too weak for Germany, but too strong for France, Italy and the others? Before the crisis there were marked differences in wage costs and competitiveness, in Greece in particular. These persistent differences have created serious tensions within the euro area. Macroeconomic imbalance adjustments are not made via the exchange rate in the monetary union.