One polar view is that the external deficits and debt that are the result of decisions of the private sector – and not due to government borrowing – are of little concern to policymakers. Such a view may be taken by industrial countries since their access to international liquidity at zero risk spreads is normally assured.
An example that is top of mind from my work on fintech issues is related to cloud computing and storage. As we move away from decentralized on-site storage and computing systems, we may see a trend toward greater 4/6  BIS central bankers' speeches  concentration in market structure.