What will be the implications, for example, if the traditional funding of enterprises by credit institutions is increasingly replaced by funding through other financial intermediaries and from other sources, such as insurance enterprises and securities issues, which are not subject to direct monetary policy control?
And what will be the implication for monetary policy if the term “money stock” simply slips out of our grasp because no one is able to say any longer with any certainty what money is or what it is not? Just think of the possibilities of the Internet and the increasing use of electronic money.