The trade channel certainly is working – lower US demand is being felt in weaker exports to the United States from most parts of the world. But other forces are also at work, and the strength of some other regions has meant that many export-driven economies, certainly those in Asia, have continued to record quite solid growth into the early months of 2008.
In addition, we are fully committed to the Eurosystem Cash 2030 strategy vision “that euro cash is generally available as an attractive, reliable and competitive payment instrument and store of value of choice … that we support access to cash services for all euro area citizens and businesses … and that de nes the acceptance of cash as essential for the freedom of choice how to pay”.12 Which brings me to Europe.