Central banks no longer stand behind national currencies with the promise of repayment of their value in precious metals, such as gold and silver. Yet currencies remain as liabilities on the balance sheets of central banks.

Given the changing role of currency in fiat monetary systems, could currency be treated differently, for example as part of a central bank’s capital, in a similar manner to a zero-coupon perpetual bond rather than as a liability? Or could it be treated as an off-balance-sheet