the aspiration to to break the vicious circle between banks and sovereigns. Equally important rationalization is to … more sufficient. If banks become, thanks to large-scale cross-border operations, very large in relation to the economic … size of the home country, the interdependence of the banks and the sovereign increases. The greatest challenge of the …

Central banks have traditionally issued cash to the general public. With digitalisation, banknotes are becoming a … technically outdated payment instrument, and some central banks have explored the possibility of central bank-issued electronic …