The generic name “the digital economy” covers various areas, which progress at different rates, but all with profound consequences at several levels and a common theme between them: the technological revolution in the production and consumption processes. Monitoring the process of bringing consumer credit to market through digital channels is one of Banco de Portugal’s current challenges.
We did so in recognition of the scope of dollar markets and dollar-denominated transactions outside of our country, the benefits they provide to U.S. households and firms, and the adverse consequences to our financial markets if these centers lose access to dollar liquidity. We have continued to maintain swap facilities with a number of central banks.