One concern relates to possible future structural changes in the composition of wealth due to the increased sophistication of private investors. Historically, instability was primarily due to financial innovation or tax changes affecting the relative net return of holding money. However, there have not been significant changes in any of these factors recently which would justify to expect a continued instability in money demand.
This was our way of saying: forward together. Thank you. 1 Deutsche Bundesbank (2018), Payment behaviour in Germany in 2017 – fourth study of the utilisation of cash  and cashless payment instruments 2 Feige, E. (2012), The myth of the “cashless society”: How much of America’s currency is overseas? in:  Deutsche Bundesbank International Cash Conference 2012., pp. 119–151.