Endnotes [*]  I would like to thank my colleagues in Payments Policy Department for assistance in the preparation of this talk. [1]  The Government's Trusted Digital Identity Framework and the private-sector Trust ID framework. [2]  For more details, see <https://www.fsb.org/2020/10/enhancing-cross-border-payments-stage-3-roadmap/>.
And the risk premium falls if the capital is increased, which means that the entrepreneurial risk is spread over more capital. There is no way around the fact that the risk premium and the required return on capital should go down if the capital share goes up.