Resolution plans and a stronger capitalisation may mitigate but will not eliminate the financial fallout of the bankruptcy of one of these institutions and the related moral hazard. 2.2  Rebalancing the sources of global growth  Whatever shape the future financial system may take, it is urgent to rebalance the sources of global growth.
While changes to the level of settlement cash during COVID have resulted in changes to the implementation of monetary policy, these were not relevant for the stance of monetary policy. The quantity of settlement cash has not been important for the stance of monetary policy for a long time – as long as that settlement cash is remunerated at the OCR.