[18]  Policy implications Almost a year ago, I noted that the impact of any weakening of global integration on medium to long-term inflation is something that is not yet understood fully. [19] Despite an increase in focus on this topic since then, I think we still have a lot to learn. Geoeconomic fragmentation can potentially have significant effects on inflation.
I just want to show that the narrow issue of a move of the Eurosystem’s market infrastructure for the settlement of payments and securities would involve far more issues than an assessment of the technical capabilities of DLT. We have a lot of more thinking to do.