The ECB is no exception. So we should be looking ahead and consider whether, in the future, central banks will need to provide the public with some form of digital currency.
When the Fed engages in targeted credit programs that seek to change the allocation of credit across markets, I believe it is engaging in fiscal policy. Instead of the central bank engaging in this credit policy, the federal government could carry out these transactions by issuing Treasury debt to support lending to the targeted markets or firms.