Despite this, regulators should promote an environment that is conducive to technological change and at the very least not become a hindrance or frustrate innovation as it supports economic development and growth. In this regard, the OECD opines: One of the important lessons of the past two decades has been the pivotal role of innovation in economic development.
•  A central analysis centre for currency counterfeits, the Centre for Analysis of Counterfeit Banknotes (CAC) will be established at the ECB. •  A counterpart authority for coins – the European Technical and Scientific Centre for the Analysis of Counterfeit Euro Coins – will be established at the French State Mint.