Overall, it is reasonable to conclude that macro policy, particularly monetary policy, was the most important single reason for the poor economic performance experienced during the U.S. Great Inflation. Constrained discretion and inflation targeting I mentioned at the beginning of the talk that constrained discretion characterizes at least to some degree the policy approach of many of the major central banks around the world.
Then there is the challenge of distributed ledger technologies. These technologies, of which Blockchain is probably the best-known example, can potentially have a profound impact on the  2  BIS central bankers’ speeches  whole financial “ecosystem”. Their adoption has the potential to disrupt both the use of “traditional” payment instruments and services and the payments processing industry.