Thank you, Mr. Chair.
Economist Willem H. Buiter, who has worked at Citigroup and on the Bank of England's Monetary Policy Committee, suggests that central banks abandon paper money and migrate to a fully digital or virtual currency.
The argument he makes, based on the International Monetary Fund's, or IMF's, World Economic Outlook, is that it is plausible that we will return to a low interest rate monetary policy in a few years. His view is that, for central banks to have better tools, there could be a negative interest rate, which is difficult to implement with paper money, but not with a digital or virtual currency.
I don't really agree with his analysis, but I'd like to hear your thoughts on this possibility and where you are at in evaluating it.