For instance, spreads on risky bonds over government bonds are above levels that prevailed in the years leading up to the financial crisis, but significantly lower than the average or extreme levels seen during the crisis years. Volatility too has been a bit higher in the past six to twelve months, but has not reached levels seen in the crisis.
But to write off the role of banknotes and coins in the economy would be a mistake. Non-cash payment options have been proliferating in recent years. Credit cards, online transfers, and direct-debit payments are already well established. Now, smartphone-enabled digitalpayment solutions and mobile wallets are also gaining ground.