For the same reason, I consider that the risk of economic rejuvenation being delayed – in other words, the risk that monetary easing would allow funds to circulate among firms, including nonviable firms – will likely be mitigated to a certain degree.
Torn between the consumers’ expectations of convenient and lowcost payment facilities and the banking industry’s interests, the central banks should, in my view, continue to assume mainly a role as mediator and catalyst. Why should the central banks and the banking industry not be able to master this agenda 2000 together to the benefit of all those involved?