In addition, many firms - especially in the most troubled industries - have retired debt through equity offerings and asset sales, which limited the growth of nonfinancial corporate debt in 2002 and 2003 to the slowest pace since the early 1990s. Third, firms have significantly tightened their belts. Over the past two years, the drive to cut costs has generated rapid productivity gains.
The value of banknotes issued by the Bundesbank also rose further, climbing by € billion to € billion, an increase of 9.5%. The revaluation accounts are also worth taking a look at. This item increased by € billion year on year to € billion. The revaluation reserve for gold rose by € billion to € billion.