Payments made by means of currency are definite. They are final and irrevocable at the point when they are made, and are not dependent on the operation of any clearing or settlement arrangements. These attributes collectively imply that currency is generally accepted.
The privilege of being shielded from short-term political cycles should be used for serving as an objective and long-term oriented institution in the field of economic policy. If central banks are able to build up and maintain this kind of reputation they will continue to play a clear and valuable role also in the future.