The synchronised global recession and generally lower commodity prices meant that the threat to world inflation had dissipated substantially. While there are concerns about the possible inflationary consequences of the accommodating monetary policy stance in a number of advanced economies, global inflation is expected to remain contained at low levels.
At the same time, the narrative that cash will lose its importance in the era of digital transformation gained more and more momentum. It is true that the use of contactless payment methods – starting from low levels – has become significantly more widespread in recent years.