Official assistance packages – backed by the European Financial Stability Facility (EFSF) and the International Monetary Fund – have provided elements of ex post cross-country risksharing to Greece, Ireland and Portugal, which had been cut off from international markets. Other policy steps have been taken towards restoring trust in financial markets and the soundness of banks.
Confining its use to the settlement of transactions among banks, on the other hand, would not involve any substantial changes over the status quo. In particular, non-banks could convert their sight deposits at banks into central bank-issued digital currency if storage as an entry on the distributed ledger appears more secure and more convenient than hoarding it as cash.