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How much cash should be removed from the financial system?

The world is still, in a sense, swimming in cash. Or at least the electronic equivalent: central-bank reserves. The Bank for International Settlements (BIS), a club of central banks, estimates that the balance-sheets of rich-country central banks amount to roughly 50% of collective GDP. That is down from 70% in 2021—a reduction which reflects quantitative tightening (QT), or the offloading of assets acquired while easing—but is still far above the pre-global-financial-crisis norm of around 10%.

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This article appeared in the Finance & economics section of the print edition under the headline “Break the safe”

From the July 6th 2024 edition

Discover stories from this section and more in the list of contents

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