Of course this process becomes even more difficult if a lot more countries are involved. However, I believe that issues like this will continue to arise in the period ahead, unless globalisation declines and the trend is towards more protectionism. Every new crisis will give impetus to the debate, and perhaps resistance will eventually be overcome. and finance ministers, see Palais-Royal Initiative (2011), “Reform of the International Monetary System: A Cooperative Approach for the Twenty First Century”. BIS central bankers’ speeches  7
The intuition we think is that the lowest value note should be sorted most often, and the highest value note least often. The reason for this order is that the lowest value note will be nearest to a pure transactional instrument, and the highest value note nearest to a pure store of  BIS Review 162/2009  7  value instrument. As the chart indicates, the intuition holds for all denominations except the £ On average, at £ note passes through a cash centre for sorting nine times a year, a £ four and a half times, and a £ just under once a year. But the £ has seen a decline from five times a year in the mid-1990s to one and a half times a year now. This goes a long way to explain the problem we have with the £ We need to see more dispensed so that they are less scarce and therefore they return to cash centres for sorting more often. In the last few years we have had some success in increasing the total number of £ in circulation. The overall value of £ in circulation had been stuck at around £ since the early 1990s. In the last two years it has risen to £ But the evidence from turnover indicates that we have a lot more to do. Recently, we have therefore run two pilot schemes.