... January 2002, the NCBs and the ECB have issued euro banknotes on ajoint basis. Unlike the national banknotes in the legacy currencies, eurobanknotes do not show which central bank issued them. Eurosystem ... euro banknotesBetween 1999 and 2002, in the absence of euro-denominated banknotes, nationalbanknotes in the legacy currencies were the only legal tender banknotes in the euro area. They were issued ... whole, it is necessary for the central banks to act as the legal issuers because the Eurosystemhas no legal personality. The ECB issues 8% of the total value of banknotes issued by the Eurosystem.Given...