If this is taken as a rough approximation of the amount of legacy currency banknotes held outside the euro area, then the available evidence suggests that a considerable part of this has already been converted into euro banknotes. Let's now consider euro-denominated bank deposits. They also played an important part in the cash changeover outside the euro area.
Our representatives are in frequent contact with various local associations, businesses, community groups, government officials, colleges, and universities to give and receive information and to exchange views on the economy and monetary policy. To supplement these contacts, my senior colleagues and I frequently travel across the country to talk to groups, like this, to respond to questions, and to listen to comments and concerns.