As a society begins to age, its older citizens become the dominant holders of financial assets. 1  For example, see Nishimura, K. G., and E. Takáts, “Ageing, property prices and money demand”, BIS Working Paper No. 385 (2012).
In the same way as with mergers in industry the advantages and disadvantages of these organisational forms will have to be assessed in the light of practical experience. Whatever reorganisation design is under debate, however, it is in any case of crucial importance to take a clear position about the role of the central bank.