Incipient signs of recovery have appeared recently; in France and in Germany, the climate of confidence among industrial firms improved in June for the first time since the start of the year; the euro-area index based on surveys of purchasing managers has risen.
*  *  *  At the end of April 2014 16 billion banknotes with a face value of nearly € trillion were in circulation. This represents an increase of about 160% since the end of 2002. The € banknote, which is the most important one for payments, accounts for around one-third of the total amount in circulation in terms of value.