The digital euro project is now in the investigation phase, which started just one year ago and is intended to end in September 2023. Then, if so decided by the Governing Council, the realization phase would begin, which would last another three years. Let me give you just a brief update on the digital euro project.
If there were an upside surprise on global growth, it would most likely be because the collective effects of all those policy responses turned out to be bigger than expected, perhaps because those expectations were formed by looking at a history where such simultaneous responses rarely occurred.