In order to safeguard the singleness of monetary policy and ensure a smoother transmission of interest rates to the real economy, the Governing Council announced in August its readiness to undertake Outright Monetary Transactions (OMTs) in secondary markets for sovereign bonds. The announcement of OMTs has proven to be an effective backstop against unfounded fears of reversibility.
Either way, the size of the investment decisions by central banks in banknote infrastructure are based on central banks being in a position to continue managing the use of physical cash for some time.