Moreover, to eliminate the ZLB associated with physical currency by going cashless, countries would need to transition to an economy that did not require widespread use of physical currency, and central banks in those countries would need to cease issuing physical currency on demand (for example, in response to demands spurred by negative rates on so-called inside money).13 For all of these reasons, as a practical  12  See Alderman (2015).
Second, some policy developments have contributed to either increasing such de-synchronisation – such as fiscal stimulus in the US – or raising overall growth uncertainty, as in the case of rising trade conflicts.