And the third “new” fact, at least from a long-term perspective, relates to the role of central banks in setting monetary policy, and more recently to the emergence of negative rates as a policy instrument and the consequences for the transmission of monetary policy.
I would argue that, in most countries, the first fact – the disappearance of cash – is not a cause for imminent action. You can see this on my first slide. Demand for banknotes is still growing around the world, and in the euro area cash remains a popular means of payment.