In the light of this, it is unlikely that there will be any major effects on the growth of M3 or any significant impact on the exchange rate of the euro as a result of the euro cash changeover. In addition, the ECB will also closely monitor the potential price risks relating to the euro cash changeover.
This will allow me to cover several issues highlighted in the draft resolution. 1. Economic developments and monetary policy decisions  Following two years of recovery, the euro area moved into recession in 2012. Unemployment has reached unprecedented levels, especially among young people.