Indeed, the demand for cash in the euro area currently outstrips the rate of nominal GDP growth. And people who currently prefer electronic payments already have a wide range of options available, without needing the central bank to provide the digital money. A further argument for introducing DBM and abolishing cash is framed in terms of monetary policy.
Both dialogue and cooperation among East Asian central banks have only just begun. It is too early to tell whether this dialogue and cooperation will eventually lead to regional integration. Even if it does, the orientation of that integration is unlikely to be the same as Europe’s in view of the historical and economic differences between the two regions.