Monetary nationalism took over”; see Padoa-Schioppa, T. (2010), “The ghost of Bancor: the economic crisis and global economic disorder”, lecture at the University of Louvain-la-Neuve, 25 February.
[39] A report was published in March 2018 (see ECB and Bank of Japan (2018), “Securities settlement systems: delivery-versuspayment in a distributed ledger environment”, STELLA - a joint research project of the European Central Bank and the Bank of Japan). [40]  See Brunnermeier, M., James, H. and Landau, J. P. (2019), “Digital currency areas”, Vox, 3 July.