The Origin of Money – Part III: Central Bank Money
In the euro area, the euro is the common currency. Euro banknotes and coins are legal tender. Only the central banks - in Germany the Deutsche Bundesbank - are allowed to put it into circulation. They do this through the commercial banks.
Note: Croatia joined the euro area on 1 January 2023 as well as Bulgaria on 1 January 2026. Therefore, the euro area currently comprises 21 countries.
Exercise sheet
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