In the music industry, the sharing of MP3 files over the internet quickly unsettled the long-standing business model of physical recordings. Record companies had to learn that the internet shouldn’t simply serve as an additional distribution channel for their products; they had to overhaul their business models in order to survive.
NCBs in turn have a duty to act in accordance with the guidelines and instructions of the ECB.3 This decentralised approach takes into consideration the financial structure of the euro area, i.e. a monetary union made up of segmented national financial markets.