And, as these new digital payment means displace the use of publicly issued notes and coins, they could put at risk the core roles of central bank money as a trusted and stable value anchor and the contribution it makes to stable economy supporting wellbeing and inclusion for all.
Thirdly, the near collapse of Long-Term Capital Management and the decision of the American Federal Reserve Bank System to get involved in the subsequent rescue operation of this non-bank financial institution, exposed a new dimension of the emerging world financial crisis.