Leaders

The digital currencies that matter

Government-run virtual currencies are coming. They are a giant risk that is worth taking

 



 May 8th 2021 | words 1073 TECHNOLOGICAL CHANGE is upending finance. Bitcoin has gone from being an obsession of anarchists to a $1trn asset class that many fund managers insist belongs in any balanced portfolio. Swarms of digital day-traders have become a force on Wall Street. PayPal has 392m users, a sign that America is catching up with Chinas digital-payments giants. Yet, as our special report explains, the least noticed disruption on the frontier between technology and finance may end up as the most revolutionary: the creation of government digital currencies, which typically aim to let people deposit funds directly with a central bank, bypassing conventional lenders.


upend


upend / pend /  verb [VN] to turn sb / sth upside down The bicycle lay upended in a ditch.   anarchist


anarchist / nkist; NAmE nrk- /  noun  a person who believes that laws and governments are not necessary  anarchistic adj. swarm


swarm / swm; NAmE swrm / noun~ (of sth) 1. a large group of insects, especially bees , moving together in the same direction(): swarm of bees / locusts / flies   // 2. a large group of people, especially when they are all moving quickly in the same direction ,()SYN horde conventional


conventional / knvennl /  adj. 1. (often disapproving) tending to follow what is done or considered acceptable by society in general; normal and ordinary, and perhaps not very interesting : conventional behaviour / morality     She's very conventional in her views.    OPP unconventional 2. [usually before noun] following what is traditional or the way sth has been done for a long time conventional methods / approaches     It's not a hotel, in the conventional sense, but rather a whole village turned into a hotel.  ,,OPP unconventional 3. [usually before noun] (especially of weapons ) not nuclear conventional forces / weapons   /  a conventional power station (= using oil or coal as fuel, rather than nuclear power)     conventionality / knvennlti / noun [U]  conventionally / -nli / adv.conventionally dressed     conventionally grown food (= grown according to conventional methods)   




These govcoins are a new incarnation of money. They promise to make finance work better but also to shift power from individuals to the state, alter geopolitics and change how capital is allocated. They are to be treated with optimism, and humility.
A decade or so ago, amid the wreckage of Lehman Brothers, Paul Volcker, a former head of the Federal Reserve, grumbled that bankings last useful innovation was the ATM. Since the crisis, the industry has raised its game. Banks have modernised their creaking IT systems. Entrepreneurs have built an experimental world of decentralised finance, of which bitcoin is the most famous part and which contains a riot of tokens, databases and conduits that interact to varying degrees with traditional finance. Meanwhile, financial platform firms now have over 3bn customers who use e-wallets and payments apps. Alongside PayPal are other specialists such as Ant Group, Grab and Mercado Pago, established firms such as Visa, and Silicon Valley wannabes such as Facebook.
grumble


rumble / grmbl /  verb 1. ~ (at / to sb) (about / at sb / sth) to complain about sb / sth in a bad-tempered way : [V]  She's always grumbling to me about how badly she's treated at work.     [V speech]  'I'll just have to do it myself,' he grumbled.   ""  [V that]  They kept grumbling that they were cold.   -- note at complain 2. [V] to make a deep continuous sound SYN rumble Thunder grumbled in the distance.     grumbler / grmbl(r) / noun creak


creak / krik /  noun [C] (also creaking [U, C]) a sound, for example that sometimes made by a door when it opens or shuts, or by a wooden floor when you step on it the creak / creaking of the door     Distant creaks and groans echoed eerily along the dark corridors.   ,

Government or central-bank digital currencies are the next step but they come with a twist, because they would centralise power in the state rather than spread it through networks or give it to private monopolies. The idea behind them is simple. Instead of holding an account with a retail bank, you would do so direct with a central bank through an interface resembling apps such as Alipay or Venmo. Rather than writing cheques or paying online with a card, you could use the central banks cheap plumbing. And your money would be guaranteed by the full faith of the state, not a fallible bank. Want to buy a pizza or help a broke sibling? No need to deal with Citigroups call centre or pay Mastercards fees: the Bank of England and the Fed are at your service.
plumb


plumb / plm /  verb[VN] (literary) to try to understand or succeed in understanding sth mysterious SYN fathom She spent her life plumbing the mysteries of the human psyche.   IDIOMS plumb the depths of sth  to be or to experience an extreme example of sth unpleasant ()His latest novel plumbs the depths of horror and violence.    The team's poor performances plumbed new depths last night when they lost 10-2.  , 2:10 PHR V plumb sth'in (especially BrE to connect a washing machine , toilet, etc. to the water supply in a building ()

This metamorphosis of central banks from the aristocrats of finance to its labourers sounds far-fetched, but it is under way. Over 50 monetary authorities, representing the bulk of global GDP, are exploring digital currencies. The Bahamas has issued digital money. China has rolled out its e-yuan pilot to over 500,000 people. The EU wants a virtual euro by 2025, Britain has launched a task-force, and America, the worlds financial hegemon, is building a hypothetical e-dollar.
metamorphosis


metamorphosis / metmfsis; NAmE -mrf- /  noun (pl. metamorphoses / -siz / ) [C, U] (formal) a process in which sb / sth changes completely into sth different SYN transformation the metamorphosis of a caterpillar into a butterfly     She had undergone an amazing metamorphosis from awkward schoolgirl to beautiful woman.   aristocrat


aristocrat / ristkrt; NAmE rist- /  noun  a member of the aristocracy  ()-- compare commoner roll out sth


to offer a new product or service to the public.The provider plans to roll out its new Internet access service next month.They've experimented  with the system in regional markets, and will roll it out nationally this fall.

One motivation for governments and central banks is a fear of losing control. Today central banks harness the banking system to amplify monetary policy. If payments, deposits and loans migrate from banks into privately run digital realms, central banks will struggle to manage the economic cycle and inject funds into the system during a crisis. Unsupervised private networks could become a Wild West of fraud and privacy abuses.
The other motivation is the promise of a better financial system. Ideally money provides a reliable store of value, a stable unit of account and an efficient means of payment. Todays money gets mixed marks(). Uninsured depositors can suffer if banks fail, bitcoin is not widely accepted and credit cards are expensive. Government e-currencies would score highly, since they are state-guaranteed and use a cheap, central payments hub.
As a result, govcoins could cut the operating expenses of the global financial industry, which amount to over $350 a year for every person on Earth. That could make finance accessible for the 1.7bn people who lack bank accounts. Government digital currencies could also expand governments toolkits by letting them make instant payments to citizens and cut interest rates below zero. For ordinary users, the appeal of a free, safe, instant, universal means of payment is obvious.
toolkit


toolkit / tulkit /  noun 1. a set of tools in a box or bag ()2. (computing a set of software tools 3. the things that you need in order to achieve sth  

It is this appeal, though, that creates dangers. Unconstrained, govcoins could fast become a dominant force in finance, particularly if network effects made it hard for people to opt out. They could destabilise banks, because if most people and firms stashed their cash at the central banks, lenders would have to find other sources of funding with which to back their loans.
opt


opt / pt; NAmE pt / verb ~ (for / against sth) to choose to take or not to take a particular course of action : [V]  After graduating she opted for a career in music.     [V to inf]  Many workers opted to leave their jobs rather than take a pay cut.   -- note at choose PHR V opt 'in (to sth) to choose to be part of a system or an agreement  opt 'out (of sth) 1. to choose not to take part in sth Employees may opt out of the company's pension plan.   2. (of a school or hospital in Britain ) to choose not to be under the control of the local authority -- related noun opt-out stash


stash / st / verb [VN +adv. / prep.] (informal) to store sth in a safe or secret place She has a fortune stashed away in various bank accounts.  


If retail banks were sucked dry of funding, someone else would have to do the lending that fuels business creation. This raises the queasy prospect of bureaucrats influencing credit allocation. In a crisis, a digital stampede of savers to the central bank could cause bank runs.

sucked dry of sth


milk/bleed/suck (sb or sth) dryidiom

Definition of milk/bleed/suck (someone or something) dry

(Informal) to take or use up everything from (someone or something)He married her for her money and then bled her dry.She milked the system dry.

Once ascendant, govcoins could become panopticons for the state to control citizens: think of instant e-fines for bad behaviour. They could alter geopolitics, too, by providing a conduit for cross-border payments and alternatives to the dollar, the worlds reserve currency and a linchpin of American influence. The greenbacks reign is based partly on Americas open capital markets and property rights, which China cannot rival. But it also relies on old payments systems, invoicing conventions and inertiamaking it ripe for disruption. Small countries fear that, instead of using local money, people might switch to foreign e-currencies, causing chaos at home.

panopticons


a prison with cells  (= rooms )arranged in a circle , so that the people in them can be seen at all times from the centre

conduit


conduit / kndjuit; NAmE knduit /  noun 1. (technical a pipe, channel or tube which liquid, gas or electrical wire can pass through (),2. (formal) a person, an organization or a country that is used to pass things or information to other people or places The organization had acted as a conduit for money from the arms industry.   linchpin


linchpin (also lynchpin) / lintpin /  noun  a person or thing that is the most important part of an organization, a plan, etc., because everything else depends on them or it (), 

inertia


inertia / in; NAmE -r / 1. (physics a property (= characteristic) of matter (= a substance) by which it stays still or, if moving, continues moving in a straight line unless it is acted on by a force outside itself  
ripe


ripe / raip /  adj. (riperripest)1. (of fruit or crops ) fully grown and ready to be eaten OPP unripe 2. (of cheese or wine ) having a flavour that has fully developed SYN mature 3. (of a smell ) strong and unpleasant4. ~ (for sth) ready or suitable for sth to happen This land is ripe for development.    The conditions were ripe for social change.    Reforms were promised when the time was ripe.  , ripeness noun [U]


New money, new problemsSuch a vast spectrum of opportunities and dangers is daunting. It is revealing that Chinas autocrats, who value control above all else, are limiting the size of the e-yuan and clamping down on private platforms such as Ant. Open societies should also proceed cautiously by, say, capping digital-currency accounts.

spectrum


spectrum / spektrm /  noun (pl. spectra / spektr / )1. a band of coloured lights in order of their wavelengths , as seen in a rainbow and into which light may be separated A spectrum is formed by a ray of light passing through a prism.    Red and violet are at opposite ends of the spectrum.   2. a range of sound waves or several other types of wave the electromagnetic / radio / sound spectrum    3. [usually sing.] a complete or wide range of related qualities, ideas, etc. a broad/vast spectrum of interests     We shall hear views from across the political spectrum.   daunt


daunt / dnt /  verb [VN] [usually passive] to make sb feel nervous and less confident about doing sth SYN intimidate She was a brave woman but she felt daunted by the task ahead.   , daunting adj. SYN intimidating : She has the daunting task of cooking for 20 people every day.   20 , Starting a new job can be a daunting prospect.   dauntingly adv. IDIOMS nothing 'daunted (BrEformal) confident about sth difficult you have to do Nothing daunted, the people set about rebuilding their homes.   ,
cap


cap / kp / LIMIT MONEY  2. [often passive] (especially BrE) to limit the amount of money that can be charged for sth or spent on sth (): a capped mortgage   IDIOMS go cap in 'hand (to sb) (BrE) (US go hat in 'hand to ask sb for sth, especially money, in a very polite way that makes you seem less important ,() if the cap fits (, wear it) (BrE) (NAmE if the shoe fits (, wear it))(informal) if you feel that a remark applies to you, you should accept it and take it as a warning or criticism I didn't actually say that you were lazy, but if the cap fits...   ,-- more at feather n.

Governments and financial firms need to prepare for a long-term shift in how money works, as momentous as the leap to metallic coins or payment cards. That means beefing up privacy laws, reforming how central banks are run and preparing retail banks for a more peripheral role. State digital currencies are the next great experiment in finance, and they promise to be a lot more consequential than the humble ATM.
peripheral


peripheral / prifrl /  adj. 1. ~ (to sth) (formal) not as important as the main aim, part, etc. of sth peripheral information     Fund-raising is peripheral to their main activities.   ,2. (technical connected with the outer edge of a particular area the peripheral nervous system     peripheral vision    3. (computing (of equipment ) connected to a computer : a peripheral device     peripherally / prifrli / adv. momentous


momentous / mments; NAmE moum- /  adj.  very important or serious, especially because there may be important results SYN historic momentous decision / event / occasion   /consequential


consequential / knsikwenl; NAmE knsk- /  adj.(formal) 1. happening as a result or an effect of sth SYN resultant retirement and the consequential reduction in income    2. important; that will have important results The report discusses a number of consequential matters that are yet to be decided.   OPP inconsequential  consequentially / -li / adv. 





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Economist | The Rise of E-Money

 

Leaders

The digital currencies that matter

Government-run virtual currencies are coming. They are a giant risk that is worth taking

 



 May 8th 2021 | words 1073 TECHNOLOGICAL CHANGE is upending finance. Bitcoin has gone from being an obsession of anarchists to a $1trn asset class that many fund managers insist belongs in any balanced portfolio. Swarms of digital day-traders have become a force on Wall Street. PayPal has 392m users, a sign that America is catching up with Chinas digital-payments giants. Yet, as our special report explains, the least noticed disruption on the frontier between technology and finance may end up as the most revolutionary: the creation of government digital currencies, which typically aim to let people deposit funds directly with a central bank, bypassing conventional lenders.


upend


upend / pend /  verb [VN] to turn sb / sth upside down The bicycle lay upended in a ditch.   anarchist


anarchist / nkist; NAmE nrk- /  noun  a person who believes that laws and governments are not necessary  anarchistic adj. swarm


swarm / swm; NAmE swrm / noun~ (of sth) 1. a large group of insects, especially bees , moving together in the same direction(): swarm of bees / locusts / flies   // 2. a large group of people, especially when they are all moving quickly in the same direction ,()SYN horde conventional


conventional / knvennl /  adj. 1. (often disapproving) tending to follow what is done or considered acceptable by society in general; normal and ordinary, and perhaps not very interesting : conventional behaviour / morality     She's very conventional in her views.    OPP unconventional 2. [usually before noun] following what is traditional or the way sth has been done for a long time conventional methods / approaches     It's not a hotel, in the conventional sense, but rather a whole village turned into a hotel.  ,,OPP unconventional 3. [usually before noun] (especially of weapons ) not nuclear conventional forces / weapons   /  a conventional power station (= using oil or coal as fuel, rather than nuclear power)     conventionality / knvennlti / noun [U]  conventionally / -nli / adv.conventionally dressed     conventionally grown food (= grown according to conventional methods)   




These govcoins are a new incarnation of money. They promise to make finance work better but also to shift power from individuals to the state, alter geopolitics and change how capital is allocated. They are to be treated with optimism, and humility.
A decade or so ago, amid the wreckage of Lehman Brothers, Paul Volcker, a former head of the Federal Reserve, grumbled that bankings last useful innovation was the ATM. Since the crisis, the industry has raised its game. Banks have modernised their creaking IT systems. Entrepreneurs have built an experimental world of decentralised finance, of which bitcoin is the most famous part and which contains a riot of tokens, databases and conduits that interact to varying degrees with traditional finance. Meanwhile, financial platform firms now have over 3bn customers who use e-wallets and payments apps. Alongside PayPal are other specialists such as Ant Group, Grab and Mercado Pago, established firms such as Visa, and Silicon Valley wannabes such as Facebook.
grumble


rumble / grmbl /  verb 1. ~ (at / to sb) (about / at sb / sth) to complain about sb / sth in a bad-tempered way : [V]  She's always grumbling to me about how badly she's treated at work.     [V speech]  'I'll just have to do it myself,' he grumbled.   ""  [V that]  They kept grumbling that they were cold.   -- note at complain 2. [V] to make a deep continuous sound SYN rumble Thunder grumbled in the distance.     grumbler / grmbl(r) / noun creak


creak / krik /  noun [C] (also creaking [U, C]) a sound, for example that sometimes made by a door when it opens or shuts, or by a wooden floor when you step on it the creak / creaking of the door     Distant creaks and groans echoed eerily along the dark corridors.   ,

Government or central-bank digital currencies are the next step but they come with a twist, because they would centralise power in the state rather than spread it through networks or give it to private monopolies. The idea behind them is simple. Instead of holding an account with a retail bank, you would do so direct with a central bank through an interface resembling apps such as Alipay or Venmo. Rather than writing cheques or paying online with a card, you could use the central banks cheap plumbing. And your money would be guaranteed by the full faith of the state, not a fallible bank. Want to buy a pizza or help a broke sibling? No need to deal with Citigroups call centre or pay Mastercards fees: the Bank of England and the Fed are at your service.
plumb


plumb / plm /  verb[VN] (literary) to try to understand or succeed in understanding sth mysterious SYN fathom She spent her life plumbing the mysteries of the human psyche.   IDIOMS plumb the depths of sth  to be or to experience an extreme example of sth unpleasant ()His latest novel plumbs the depths of horror and violence.    The team's poor performances plumbed new depths last night when they lost 10-2.  , 2:10 PHR V plumb sth'in (especially BrE to connect a washing machine , toilet, etc. to the water supply in a building ()

This metamorphosis of central banks from the aristocrats of finance to its labourers sounds far-fetched, but it is under way. Over 50 monetary authorities, representing the bulk of global GDP, are exploring digital currencies. The Bahamas has issued digital money. China has rolled out its e-yuan pilot to over 500,000 people. The EU wants a virtual euro by 2025, Britain has launched a task-force, and America, the worlds financial hegemon, is building a hypothetical e-dollar.
metamorphosis


metamorphosis / metmfsis; NAmE -mrf- /  noun (pl. metamorphoses / -siz / ) [C, U] (formal) a process in which sb / sth changes completely into sth different SYN transformation the metamorphosis of a caterpillar into a butterfly     She had undergone an amazing metamorphosis from awkward schoolgirl to beautiful woman.   aristocrat


aristocrat / ristkrt; NAmE rist- /  noun  a member of the aristocracy  ()-- compare commoner roll out sth


to offer a new product or service to the public.The provider plans to roll out its new Internet access service next month.They've experimented  with the system in regional markets, and will roll it out nationally this fall.

One motivation for governments and central banks is a fear of losing control. Today central banks harness the banking system to amplify monetary policy. If payments, deposits and loans migrate from banks into privately run digital realms, central banks will struggle to manage the economic cycle and inject funds into the system during a crisis. Unsupervised private networks could become a Wild West of fraud and privacy abuses.
The other motivation is the promise of a better financial system. Ideally money provides a reliable store of value, a stable unit of account and an efficient means of payment. Todays money gets mixed marks(). Uninsured depositors can suffer if banks fail, bitcoin is not widely accepted and credit cards are expensive. Government e-currencies would score highly, since they are state-guaranteed and use a cheap, central payments hub.
As a result, govcoins could cut the operating expenses of the global financial industry, which amount to over $350 a year for every person on Earth. That could make finance accessible for the 1.7bn people who lack bank accounts. Government digital currencies could also expand governments toolkits by letting them make instant payments to citizens and cut interest rates below zero. For ordinary users, the appeal of a free, safe, instant, universal means of payment is obvious.
toolkit


toolkit / tulkit /  noun 1. a set of tools in a box or bag ()2. (computing a set of software tools 3. the things that you need in order to achieve sth  

It is this appeal, though, that creates dangers. Unconstrained, govcoins could fast become a dominant force in finance, particularly if network effects made it hard for people to opt out. They could destabilise banks, because if most people and firms stashed their cash at the central banks, lenders would have to find other sources of funding with which to back their loans.
opt


opt / pt; NAmE pt / verb ~ (for / against sth) to choose to take or not to take a particular course of action : [V]  After graduating she opted for a career in music.     [V to inf]  Many workers opted to leave their jobs rather than take a pay cut.   -- note at choose PHR V opt 'in (to sth) to choose to be part of a system or an agreement  opt 'out (of sth) 1. to choose not to take part in sth Employees may opt out of the company's pension plan.   2. (of a school or hospital in Britain ) to choose not to be under the control of the local authority -- related noun opt-out stash


stash / st / verb [VN +adv. / prep.] (informal) to store sth in a safe or secret place She has a fortune stashed away in various bank accounts.  


If retail banks were sucked dry of funding, someone else would have to do the lending that fuels business creation. This raises the queasy prospect of bureaucrats influencing credit allocation. In a crisis, a digital stampede of savers to the central bank could cause bank runs.

sucked dry of sth


milk/bleed/suck (sb or sth) dryidiom

Definition of milk/bleed/suck (someone or something) dry

(Informal) to take or use up everything from (someone or something)He married her for her money and then bled her dry.She milked the system dry.

Once ascendant, govcoins could become panopticons for the state to control citizens: think of instant e-fines for bad behaviour. They could alter geopolitics, too, by providing a conduit for cross-border payments and alternatives to the dollar, the worlds reserve currency and a linchpin of American influence. The greenbacks reign is based partly on Americas open capital markets and property rights, which China cannot rival. But it also relies on old payments systems, invoicing conventions and inertiamaking it ripe for disruption. Small countries fear that, instead of using local money, people might switch to foreign e-currencies, causing chaos at home.

panopticons


a prison with cells  (= rooms )arranged in a circle , so that the people in them can be seen at all times from the centre

conduit


conduit / kndjuit; NAmE knduit /  noun 1. (technical a pipe, channel or tube which liquid, gas or electrical wire can pass through (),2. (formal) a person, an organization or a country that is used to pass things or information to other people or places The organization had acted as a conduit for money from the arms industry.   linchpin


linchpin (also lynchpin) / lintpin /  noun  a person or thing that is the most important part of an organization, a plan, etc., because everything else depends on them or it (), 

inertia


inertia / in; NAmE -r / 1. (physics a property (= characteristic) of matter (= a substance) by which it stays still or, if moving, continues moving in a straight line unless it is acted on by a force outside itself  
ripe


ripe / raip /  adj. (riperripest)1. (of fruit or crops ) fully grown and ready to be eaten OPP unripe 2. (of cheese or wine ) having a flavour that has fully developed SYN mature 3. (of a smell ) strong and unpleasant4. ~ (for sth) ready or suitable for sth to happen This land is ripe for development.    The conditions were ripe for social change.    Reforms were promised when the time was ripe.  , ripeness noun [U]


New money, new problemsSuch a vast spectrum of opportunities and dangers is daunting. It is revealing that Chinas autocrats, who value control above all else, are limiting the size of the e-yuan and clamping down on private platforms such as Ant. Open societies should also proceed cautiously by, say, capping digital-currency accounts.

spectrum


spectrum / spektrm /  noun (pl. spectra / spektr / )1. a band of coloured lights in order of their wavelengths , as seen in a rainbow and into which light may be separated A spectrum is formed by a ray of light passing through a prism.    Red and violet are at opposite ends of the spectrum.   2. a range of sound waves or several other types of wave the electromagnetic / radio / sound spectrum    3. [usually sing.] a complete or wide range of related qualities, ideas, etc. a broad/vast spectrum of interests     We shall hear views from across the political spectrum.   daunt


daunt / dnt /  verb [VN] [usually passive] to make sb feel nervous and less confident about doing sth SYN intimidate She was a brave woman but she felt daunted by the task ahead.   , daunting adj. SYN intimidating : She has the daunting task of cooking for 20 people every day.   20 , Starting a new job can be a daunting prospect.   dauntingly adv. IDIOMS nothing 'daunted (BrEformal) confident about sth difficult you have to do Nothing daunted, the people set about rebuilding their homes.   ,
cap


cap / kp / LIMIT MONEY  2. [often passive] (especially BrE) to limit the amount of money that can be charged for sth or spent on sth (): a capped mortgage   IDIOMS go cap in 'hand (to sb) (BrE) (US go hat in 'hand to ask sb for sth, especially money, in a very polite way that makes you seem less important ,() if the cap fits (, wear it) (BrE) (NAmE if the shoe fits (, wear it))(informal) if you feel that a remark applies to you, you should accept it and take it as a warning or criticism I didn't actually say that you were lazy, but if the cap fits...   ,-- more at feather n.

Governments and financial firms need to prepare for a long-term shift in how money works, as momentous as the leap to metallic coins or payment cards. That means beefing up privacy laws, reforming how central banks are run and preparing retail banks for a more peripheral role. State digital currencies are the next great experiment in finance, and they promise to be a lot more consequential than the humble ATM.
peripheral


peripheral / prifrl /  adj. 1. ~ (to sth) (formal) not as important as the main aim, part, etc. of sth peripheral information     Fund-raising is peripheral to their main activities.   ,2. (technical connected with the outer edge of a particular area the peripheral nervous system     peripheral vision    3. (computing (of equipment ) connected to a computer : a peripheral device     peripherally / prifrli / adv. momentous


momentous / mments; NAmE moum- /  adj.  very important or serious, especially because there may be important results SYN historic momentous decision / event / occasion   /consequential


consequential / knsikwenl; NAmE knsk- /  adj.(formal) 1. happening as a result or an effect of sth SYN resultant retirement and the consequential reduction in income    2. important; that will have important results The report discusses a number of consequential matters that are yet to be decided.   OPP inconsequential  consequentially / -li / adv. 





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