No matter how tempting a sovereign money system sounds, many issues remain to be examined before considering a move towards narrow banking. For example, such a move could greatly impact 8  This process is known as the money multiplier effect. J. SMETS, “Fintech and Central Banks”, Rev. banc. fin., 2017/1, 11. 10 B. DYSON, G. HODGSON and F. VAN LERVEN, Sovereign money.
2) Income statement losses between 1990 and 2003 of all the banks that stopped operating, that were merged with other banks, or control of which was acquired by other banks or banking groups. 3) Calculated using the average annual rate on Italian Treasury bills.