Austria’s Experience with Euro Migration since the Cash Changeover

The introduction of the euro in 2002 offered a unique opportunity to learn more about the patterns and structures of cross-border cash movements. The Oesterreichische Nationalbank (OeNB) has carried out various surveys to analyze the migration of cash in greater depth. This article presents the results of two surveys, which demonstrate that cash is very mobile. An Austrian wallet will typically hold coins and banknotes from almost all euro area countries. Euro coins minted in countries other than Austria are readily discernible, as all coins have a common European face and a distinct national face. For euro banknotes, closer inspection is required, as only the letter contained in the banknote’s number betrays the country of origin. Surveys on cash migration show that the volume of euro banknotes and coins in circulation in Austria, as well as the mix of denominations, remained relatively stable at Austrian households from 2002 to 2004, albeit with a slight increase in the share of foreign banknotes and coins. In Austria, migration continues to generate an influx of banknotes. In particular, EUR 50, EUR 20 and EUR 5 banknotes exhibit a high degree of migration. The results of the two OeNB surveys clearly reveal that banknote migration took place at a considerably faster pace than coin migration. This brief study calculates migration factors for individual countries in order to explain the migration taking place. These factors throw light on whether a country is one of cash emigration or one of cash immigration, while falling short of offering a clear explanation for the underlying reasons of migration.cash, migration, cross-border cash flows.

New Insights into Solid Form Stability and Hydrate Formation: o-Phenanthroline HCl and Neocuproine HCl

The moisture- and temperature dependent stabilities and interrelation pathways of the practically relevant solid forms of o-phenanthroline HCl (1) and neocuproine HCl (2) were investigated using thermal analytical techniques (HSM, DSC and TGA) and gravimetric moisture sorption/desorption studies. The experimental stability data were correlated with the structural changes observed upon dehydration and the pairwise interaction and lattice energies calculated. For 1 the monohydrate was identified as the only stable form under conditions of RH typically found during production and storage, but at RH values >80% deliquescence occurs. The second compound, 2, forms an anhydrate and two different hydrates, mono- (2-Hy1) and trihydrate (2-Hy3). The 2-Hy1 structure was solved from SCXRD data and the anhydrate structure derived from a combination of PXRD and CSP. Depending on the environmental conditions (moisture) either 2-Hy1 or 2-Hy3 is the most sable solid form of 2 at RT. The monohydrates 1-Hy1 and 2-Hy1 show a high enthalpic stabilization (≥20 kJ mol−1) relative to the anhydrates. The anhydrates are unstable at ambient conditions and readily transform to the monohydrates even in the presence of traces of moisture. This study demonstrates how the right combination of experiment and theory can unravel the properties and interconversion pathways of solid forms

Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures

This paper summarises the outcomes of the analysis of the ECB Crypto-Assets Task Force. First, it proposes a characterisation of crypto-assets in the absence of a common definition and as a basis for the consistent analysis of this phenomenon. Second, it analyses recent developments in the crypto-assets market and unfolding links with financial markets and the economy. Finally, it assesses the potential impact of crypto-assets on monetary policy, payments and market infrastructures, and financial stability. The analysis shows that, in the current market, crypto-assets' risks or potential implications are limited and/or manageable on the basis of the existing regulatory and oversight frameworks. However, this assessment is subject to change and should not prevent the ECB from continuing to monitor crypto-assets, raise awareness and develop preparedness