20 In downturns, by lowering the remuneration of the digital currency the central bank could spur banks to reduce deposit rates; it could push them below zero (assuming that cash would no longer be available), improving its capacity to stimulate the economy in extreme conditions without necessarily resorting to unconventional measures.
While it is still unclear what – if any – protectionist policies will actually be implemented and how they will affect international trade, it is clear that leaders in government and business have not been able to persuasively defend the virtues of free trade, and that the future of international trade will depend precisely on their ability to do just that.