But, as I said, this is a vision and nothing that lies just around the corner. 27 Among other things, this has led the European Central Bank (ECB) to develop a pan-European system for instant payments, Target Instant Payment Settlement (TIPS). 14 [21]  If history provides us with any guidance, I do not believe it is appropriate to completely cede the design of the monetary system to the private sector. Furthermore, a design of “fiat money” and an inflation target require some form of legislation. To sum up Let me round off with a short summary. I have gone through three aspects of developments in Sweden since the financial crisis: That the Riksbank is probably the only central bank that, at least for the time being, has needed to abandon the strategy of “leaning against the wind” due to weakening confidence in the inflation target; that the policy we have had to conduct to bring inflation back to target has been lively debated, despite its aim merely being to fulfil the Riksbank’s de facto remit; and that cash use is declining more rapidly in Sweden and today is lower than in any other country. As regards the first aspect, I noted that, although I myself think that a policy of “leaning against the wind” can very well be justified under normal circumstances, it is also a policy that in practice is difficult to maintain when confidence in the inflation target is under threat.
In this context, the BIS envisages 5 different scenarios on how the fintech explosion might impact banks that range from a scenario where the incumbent banks digitize and modernize themselves to retain the customer relationship and core banking services, leveraging the technologies to change their current business models (which is not far away from the currently observed trends) to a scenario where banks have become irrelevant as customers interact directly with individual financial services providers as the need for balance sheet intermediation or for a trusted third 2/4  BIS central bankers' speeches  party is removed and banks are displaced by agile platforms and technologies. Following the example of the European Banking Association, early this year, we made a short survey of domestic banks to obtain information regarding their experience with modern-day technological solutions. The results of the survey indicate that almost two thirds of domestic banks do not have any experience with fintech companies and even surprisingly, they do not have plans to establish any relationship in the near future. The banks that have some experience with fintech companies point that it is rather a commercial partnership with existing fintech firms for launching new products or services. In addition, a few banks answered that they prefer to develop in-house fintech solutions without formal cooperation with external parties.