The more rapid turnover of our equipment and plant, as one might expect, is mirrored in an increased turnover of jobs. A million American workers, for example, currently leave their jobs every week, two-fifths involuntarily, often in association with facilities that have been displaced or abandoned.
From the Reserve Bank’s point of view stored value cards or the account transfer system is only important as a means of payment, but has no direct bearing on monetary policy. In contrast to this, e-money may have important implications for monetary policy.