In the same vein, we closely follow technological developments and reflect on the type of money and payments that are best suited to the needs of an increasingly digital economy.
Market participants increasingly assumed this stable macroeconomic environment would persist – prompting a search for yield, rising leverage and a dramatic underpricing of risks. When combined with inadequate supervision of the financial system and ill-conceived deregulation of housing and financial markets, U.S. private non-financial debt quickly rose to levels last seen during the Great Depression.