Governance, in particular, is a core function that is inescapably necessary if multilateral activity, even activity dealing with distributed ledgers, is to operate effectively. Indeed, if new technologies could lower the costs of multilateral clearing relative to bilateral clearing in new market segments, multilateral clearing could even grow.
The deficit ratio is likely to show little change this year. From a current perspective, there is also a significant risk that the 3% ceiling will be exceeded again in 2005 if no additional measures are taken. This description of the situation illustrates that there is a great need for the consolidation of public finances in Germany.