Friday, August 27, 1999 - Mr King said that the impact of electronic money transactions in real time could wipe out the traditional role of central banks as monopoly suppliers of base money.
"There is no reason, in principle, why final settlements could not be carried out by the private sector without the need for clearing through the central bank.
"Without such a role, central banks, in their present form, would no longer exist, nor would money," he said
