However, it is possible to limit the demand for e-krona, for instance through interest or volume limits. It is interesting to note that the fears expressed at present about the e-krona are almost an echo of the debate conducted around 100 years ago when the Riksbank was to be granted a monopoly on issuing banknotes. Even then, there were “fears of severe disruptions in the business world”. 20 It was also thought that the reform would make the Riksbank “much more powerful than before and with greater  17  For more detailed information, see the special edition about the e-krona in Economic Review No. 3 2018. 18 The money that banks have in accounts with the Riksbank can only be used for payments between banks and  not for payments in ordinary shops. 19 For example, Brunnermeier and Niepelt (2019) have shown in a theoretical model that state digital currency need not have negative consequences fro financial stability. 20 See Fahlbeck (1900). 9 [35]  powers of decision over the entire Swedish economy”. 21 It all turned out well 100 years ago, but even if we do not consider that an e-krona would be as revolutionary as some people seem to think, it is appropriate that the Riksdag should also look into this question. The inquiry into the role of central government in the payment market, which has recently started up, has been tasked with taking a stance on whether an e-krona is needed.
Durmuş Yılmaz: Reform strategies and expectations in the new normal – a public perspective Speech by Mr Durmuş Yılmaz, Governor of the Central Bank of the Republic of Turkey, at the Active Academy 8th International Finance Summit, Istanbul, 8 December 2010. *  *  *  Distinguished participants and esteemed guests, Before starting my speech, I would like to thank the directors and staff of the Active Academy for their efforts in organizing the 8th International Finance Summit. The Turkish economy, which has achieved stronger macroeconomic fundamentals and a sound financial system thanks to steadfast implementation of structural reforms since 2001, has been one of the economies that exited the crisis very rapidly. In the upcoming period, the new economic conjuncture needs to be managed wisely in order to sustain macroeconomic stability. Therefore, today I would like to devote my speech entirely to macroeconomic stability. Distinguished participants, The recovery observed in the aftermath of the crisis continues albeit being slow and gradual. However, the downside risks pertaining to the future global growth outlook persist. Vulnerabilities continue especially in developed countries that experience serious deterioration in budget balances and an excessive rise in public debts. Perceptions are growing that the accommodative fiscal policies and expansionary monetary policies adopted by these countries fall short of achieving the desired results in unemployment and growth. Meanwhile, developing countries, which have stronger financial structures, are enjoying a faster recovery process. The decoupling observed between these two groups of countries is expected to continue in the upcoming period as well.