It also suggests that risk sharing is particularly fostered through various forms of equity holdings, underlining the importance of the capital markets union and its emphasis on equity markets. See ECB (2016), “Financial Integration in Europe”, April 2016. 2 See Special Feature A entitled “Financial integration and risk sharing in a monetary union” in Financial  integration in Europe report, April 2016.
At one level, growth in various types of electronic payment technologies looks set to reduce the traditional role of notes and coins in the monetary system. At another level, there is much discussion of the relative merits of more widespread adoption of private-sector digital currencies versus a new role for central banks in the direct issuance and management of publicly-backed digital currencies.