In addition to a marked decline in fixed investment by  BIS central bankers’ speeches  1  private corporations, household consumption expenditure contracted by 1,3 per cent in the first quarter of 2016 (quarter-on-quarter, annualised), the biggest drop since the 2009 recession, as the mix of rising inflation, higher debt service costs, and a lack of net job creation weighed on both purchasing power and sentiment.
This user perspective should not be left out in the discussion. We need to see matters in perspective. After all, many of these debates have been fuelled by the plans announced by the Libra consortium. To me, what this shows, first and foremost, is the need to offer fast and cost-efficient systems for cross-border payments. We should go one step at a time.