Private consumption has been firm due in part to an increase in real purchasing power reflecting the decline in gasoline prices, and the housing market has shown some signs of picking up. Business fixed investment has recently maintained its uptrend against the background of solid corporate profits.
And savers may think the abolition of cash, coupled with a negative nominal interest rate on deposits, as an unfair wealth tax. There could also be broader macroeconomic instabilities triggered by the abolition of currency. The arguments about the risks of persistently low interest rates for financial stability are clear.