Diamond (1982), 10 for instance, develops a model characterised by trading externalities. The key intuition is that a firm’s optimal level of production crucially depends on the probability of finding buyers, which in turn depends on the level of aggregate demand. So if the firm thinks that the probability of selling its output is low, it will produce less.
In this respect, central banks face a balancing act between two opposite key risks: first, being too ambitious could lead to a crowding out of private payment solutions and a potential 2/5  BIS central bankers' speeches  disintermediation of the banking sector. Second, creating an unattractive product would result in non-acceptance by consumers and enterprises.