If the market players were to massively move away from the use of banknotes and deposits in euro, a central bank could find it more difficult to attain its objective of price stability.
It may be tempting to look at today's relatively benign economic and financial environment and conclude that the urgent need to strengthen financial systems has passed - tempting, but wrong. Now is precisely the time to get the work done, when there is considerable liquidity in the global system, and interest rates and spreads around the world are low.