Once obtaining cash simply becomes “too cumbersome”, switching to electronic alternatives is the rational decision, but it means less choice and it may pose several social challenges: Think of ensuring financial inclusion in an ageing population. Think of providing a non-electronic alternative in times of political crisis or in the event of large-scale cyber attacks. Any rational decision is preceded by a cost-benefit analysis.
Another challenge posed by globalisation is the dual roles played by multinational firms in production and in the international financial system.1 It is increasingly difficult to interpret national economic and financial accounts, given the mis-match between the global-level integrated 1/3  BIS central bankers' speeches  activities of international firms and the residency-based concepts that underpin national accounting.