Since the cyclical trough in 2009, exports have even risen by more than 50 %, with intermediate goods showing particularly strong growth. Overall, thanks to the reform efforts made so far, the underlying conditions in most of the periphery countries are already significantly better than they were before the crisis. Progress has been uneven, though, and further reforms are needed.
It would ignore the will of a large share of the population, and it would also go against the principle of the legal tender status, and the universal acceptance, of cash. Fourth, as the events of 2008 and the more recent developments in some countries have shown, there is a relationship between the demand for banknotes and public trust in the banking sector.