And governments rely on the banking system to conduct payments, distribute currency, safeguard tax receipts, and to serve as a conduit for monetary policy. In short, the basic business functions of banks are at the heart of the financial system and the economy overall.
By the definition I put forward earlier, I would have to say that these basic functions performed by banks are and will remain special. However, it is far from clear that these functions can only be performed by banks or that there is always a “special” public purpose in ensuring that banks’ role in performing such functions is protected.