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<p>[QUOTE=&quot;chrisild, post: 40943, member: 39&quot;]As for the future of the euro, we will see. I am fairly sure that a European Union which keeps enlarging without really becoming more closely integrated will not work in the long run. And that would of course affect the euro as well. Then again, certain member states are quite likely to oppose such further integration as they have done in the past. I am not particularly fond of the &quot;core EU&quot; concept, but maybe there is no other way.</p><p><br /></p><p>But your assumption regarding the reasons for the unlimited redemption is strange, to put it mildly <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /> The actual reason is quite simple: No coin or note issued in the Federal Republic has ever become demonetized. Cash that loses its legal tender status is taken out of circulation, but you could and can always take, say, an old silver 5 mark coin (legal tender until 1975) to the central bank. Before 2002, you would get 5 DEM for it, now you get 2.56 EUR for it.</p><p><br /></p><p>By the way, the old cash is pretty gone anyway. 95 percent of the DEM notes have been exchanged so far (Jan-2005). Coins are not returned that often and much, maybe because people think it is not worth the effort, maybe because they ended up in collectors albums <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" />&nbsp; So roughly 8 billion DEM in notes and 7 billion in coins are still around. Sounds impressive but is not actually much compared to the cash in circulation. And whatever ends up at the Bundesbank goes to the shredder or the scrap metal industry ...</p><p><br /></p><p>Christian[/QUOTE]</p><p><br /></p>

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