[11] Baker, S.R., Bloom, N. and S. J. Davis (2015), “Measuring Economic Policy Uncertainty”, NBER Working Paper  No. 21633. [12] See B. Cœuré, “Drawing lessons from the crisis for the future of the euro area”, speech at “Ambassadors Week”,  Paris, 27 August 2015.
Impact on the international monetary system The third way in which a digital euro could have an impact on the financial system is at the cross-border level. Depending on whether it would be accessible to non-residents and interoperable with non-euro payment systems, a digital euro could also have far-reaching implications for the rest of the world.