Footnotes: 1. https://www.bis.org/publ/bppdf/bispap125.pdf[https://www.bis.org/publ/bppdf/bispap125.pdf] 2. https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200921~5a30d9013b.en.html [https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200921~5a30d9013b.en.html] 3. https://ec.europa.eu/commission/presscorner/api/files/document/print/en/ip_22_2764/IP_22_2764_EN.pdf [https://ec.europa.eu/commission/presscorner/api/files/document/print/en/ip_22_2764/IP_22_2764_EN.pdf] ; NFC (Near Field Communication) = near-field communication  4. https://www.consilium.europa.eu/en/press/press-releases/2022/07/18/dma-council-gives-finalapproval-to-new-rules-for-fair-competition-online/ [https://www.consilium.europa.eu/en/press/press-releases/2022/07/18/dma-council-gives-finalapproval-to-new-rules-for-fair-competition-online/] 5. Bundesbank, Payment behaviour in Germany 2021, July 2022; https://www.bundesbank.de/en/publications/reports/studies/payment-behaviour-in-germany-738024 [https://www.bundesbank.de/en/publications/reports/studies/payment-behaviour-in-germany738024] 6. https://coinmarketcap.com/de/charts/[https://coinmarketcap.com/de/charts/] 7. Study by Kantar on behalf of the ECB (European Central Bank), Study on New Digital Payment Methods, March 2022.
The low rates helped the government finance the war, but after the war ended, inflation soared. It subsided for a time but, with the Korean War, spiked again. In 1951, Marriner led other Board members in 1/2  BIS central bankers' speeches  precipitating a clean break with the peg arrangement, laying the foundation for the modern Fed.