The debt overhang bears the ultimate responsibility for slowing down the economic recovery. Left with the need to reduce their debts and accumulate more assets, households have significantly increased their saving rates, leading to protracted sluggishness in the growth of private consumption. The key lesson of history is that sustainable, longer-term growth can only be ensured once fundamental economic imbalances are treated. II.
To me this shows that, just like in the payment system as a whole, cash and non-cash options may well co-exist in the area of remittances, too. 4 Conclusion Ladies and gentlemen, The Bundesbank regularly organises the International Cash Conference with researchers from all over the world. This year, too, we saw an active research agenda in the field of cash.