Early crypto-assets such as Bitcoin have exhibited extreme price-volatility, for example. If specific firms achieve a large enough scale, there is still potential for them to become systemically important. The data-driven business models of some large technology firms in particular can generate strong and selfreinforcing network effects.15 New forms of interconnectedness could still transmit shocks across institutions and markets.
I would like to emphasize this point, although I am aware that it has been stated explicitly on several occasions in the past. As I have explained, the Bank's commitment to easy monetary policy is unequivocal. However, the role of financial markets in delivering its commitment effect through the entire economy is equally great and not to be discounted.