On the con side, there are concerns regarding the structural changes it would imply for the banking sector, the possibility of having pronounced digital bank runs and the risk of a structurally longer central bank balance sheet and hence a more pronounced allocative role for central banks. Any steps towards a CBDC should therefore be subject fo careful consideration, and further research is warranted.
I have done the tour of the most important domains in which central banks will be active in the future and I have highlighted to what extent they may differ from what was done in the past. Before concluding, I would like to make three final observations of a general nature on the way central banks will function.