5 Under this strategy, the balance sheet might be used as an active tool only if adverse shocks push the economy back to the effective lower bound. The case for the subordination strategy is straightforward and compelling.
The fundamental role of central bank money will not diminish. You can see that even the crypto community is betting on the stability of central bank money when it comes to creating stable coins. And many developers of new DLT-based prototypes have asked us to bring central bank money to the ledger.