7 Board of Governors of the Federal Reserve System, “The Federal Reserve in the Payments System” (Issued  1984; revised 1990). 8 FIS Global, “2018 Flavors of Fast."
If the central bank would respond to the latter, it intervenes in areas where other players have a responsibility to act. This highlights an important dilemma for monetary policymakers. On the one hand, central banks may see a need to intervene to provide more policy accommodation. But, on the other hand, by doing so they may prolong or even exacerbate underlying problems.