In addition to these externalities, amplification and spill-over effects, a situation of financial instability may be the result of the materialization of a macroeconomic risk which is common to all financial institutions (see Rochet, 2004). Yet, financial institutions may face difficulties to coordinate actions in order to resolve potentially damaging imbalances.
By the end of 2001, more than 6.5 billion euro banknotes worth some EUR 134 billion - amounting to approximately 50% of national banknote circulation - had been frontloaded, as had more than 37.5 billion euro coins with a total value of around EUR 12.4 billion.