The final line of defence is to adjust monetary policy if the outlook for economic activity and inflation warrant. For those economies at the zero lower bound for their policy interest rate, this would likely mean the direct provision of additional official liquidity through quantitative easing, as the Bank of Japan and the Bank of England have done in recent weeks.
This suggests that the cash changeover may have encouraged exporters and importers to review their settlement and invoicing practices. As you know, these developments are the outcome of decisions essentially taken by market participants. They underscore the confidence of non-euro area residents in the euro. I am now open to questions.