However, it has become clear that the cash system as it stands will not be sustainable in a world where cash is used less and less. This requires a broader response with either a series of changes to the cash system or a transformational redesign of the entire system.
At that time, there were some signs of risks of deflation in the context of a depressed global economy and the financial distress following the Asian and Russian crises. We responded by cutting interest rates by 50 basis points in April 1999.