Let me illustrate this point in a little more detail: To be suitable for use in applications based on distributed ledger technology ( DLT (Distributed Ledger Technologie)), a CBDC (Central Bank Digital Currency) also has to be constructed in a token-based environment. The technical handling of tokens might need additional rules, compared to credit transfers based on accounts.
Instead, the euro area may be facing increasing competition from large global firms. Moreover, in an increasingly dynamic and digitised world, significant and rapid changes in market structures across industries may occur at any point in time. The digital transformation could change production and distribution methods and affect how firms compete with each other.