be considered as a clear signal in favour of a more integrated europe. i should like to take the opportunity here to express my gratitude to the european citizens and all parties involved in the changeover for their efforts and their fruitful collaboration with the eurosystem over the years. just to flag some of the efforts made : by the end of 2001, more than 6. 5 billion euro banknotes worth some eur 133 billion and amounting to almost 50 % of national banknote circulation had been frontloaded. with regard to the euro coins, more than 37. 5 billion coins with a total value of around eur 12. 4 billion had been frontloaded. overall, citizens acquired more than 150 million coin starter kits. at the beginning of this week, around 8. 1 billion euro banknotes were in circulation, which is more than 90 % of the number of euro banknotes that had initially been estimated for the end of february 2002. in terms of value, this corresponds to approximately eur 209 billion, which is equivalent to 77 % of national banknotes circulation at the end of 2001. in total, the legacy currency banknotes in circulation declined in 2001 by eur 110 billion to eur 270 billion at the end of the year. since the beginning of 2002, this figure has come down by 51 % to eur 133 billion last monday. the euro progress ratio, which calculates the value of euro banknotes in circulation divided by the total value of euro and national banknotes in circulation, was 61 % on 21 january 2002, up from 33 % on 1 january 2002. given that, in terms of transactions, around 70 % of all banknotes are put into circulation via automated teller machines ( atms ), the quick adaptation of these machines was one of the key factors for a smooth changeover. in total, more than 200, 000 atms had to be converted. in virtually all euro area countries, 100 % of the atms were converted within less than one week. as a result, on average, 75 % of all cash transactions were already effected in euro after only one week. naturally, this figure varied from country to country and from sector to sector. on the whole, the euro banknotes and coins were introduced considerably faster than originally foreseen, not least because of the favourable attitude of and quick acceptance by european citizens. today, even though the technical adaptation of the vending machines has not yet been completed, the cash changeover can be considered

that ’ s for banks to prepare for themselves. 2 / 3 bis central bankers'speeches but if they repay, that would tighten financial conditions? well, that ’ s part of many business decisions that banks are taking. our job is to look at the outcome in terms of financial conditions and to see if it ’ s proper in terms of the monetary conditions that we want to see. so it ’ s one issue. but it ’ s only one argument among many others. are you talking to the banks to have an idea of what they ’ ll do so that you can prepare yourself also for the balance sheet? yes, we are, of course. and we are talking to our supervisory colleagues because that ’ s what they do : talk to banks. benoit cœure, how much does the personality of the president actually influence the decision of the governing council? well, that ’ s an interesting question. the governing council is a collegial body ; the president has to be in a position to filter information out of the diversity of the governing council and to build consensus, which the presidents so far have been able to do and have done very well. it is important to be in a position to build consensus. how can you see the dynamics of the council changing once president draghi leaves? i don ’ t see the dynamic of the council changing very much. we have a diversity of individuals and that ’ s why we have a governing council. it ’ s right because we need to filter out the diversity of views in europe. that ’ s what the governing council is there for. benoit cœure, you said that you will continue to work for europe and you don ’ t exclude any possibility. if you were offered the top job – president of the ecb – would you accept? yes, who wouldn ’ t? but it ’ s really not for me to decide, it ’ s not for me to reflect on. i want to continue to be useful. there are many opportunities. i have a job at the ecb until the end of the year, so it ’ s really not for me to have that discussion. benoit cœure, thank you so much for joining us right here at of course davos, world economic forum 2019. 3 / 3 bis central bankers'speeches