The euro is undervalued in relation to other currencies although the Central European Bank has been largely successful in maintaining internal price stability in the zone with its two percent inﬂation target. Although several arguments have been put forward to explain this, no one looks at it from a legitimacy angle. In the end, weak public support for the euro does reveal concerns that are reﬂected in the ﬁnancial markets.
The introduction of real cash might change this. Looking at the logistics of the operation, the European System of Central Banks is at present printing notes and minting coins worth roughly the staggering amount of $596 billion. These piles of money are being distributed across the region to the various national central banks, retail sectors and to business and corporate customers. Never before has such a volume of cash been withdrawn, issued and distributed.