); (2) despite the profound changes in the monetary regime that occurred over the century examined by the authors, and despite the different impact of many events (both economic and institutional), of peace and war on the main components of money (currency in circulation, deposits, reserves), the previous statement remains true overall (pp. 930ss.
For example, holdings of gold in the Eurosystem amount to approximately € billion, accounting for almost 20% of the total assets. The holdings are on this scale not only for historical reasons, but also for risk management reasons, as gold is considered to be a safe haven. In times of financial distress, gold indeed helps central banks to maintain a solid financial position.