Naturally, cost considerations will set a limit to the process, but the effects will be - and to some extent already are - sufficient to upset many of the operational and regulatory instruments on which central bankers rely. Indeed, market players have so far been much more at their ease in the new microcosm than public authorities. 9.
(d)  Institutions matter  More and more, development economists and economic historians are coming to the conclusion that, at the deepest level, a sound institutional framework is the crucial ingredient for sustained economic performance, and that it is far more important than distance, geography or the presence of resources.