Markets will be able to better anticipate our actions if they understand which movements in market prices are likely to be considered favourable and which ones are not. And the better investors internalise our policy, the larger the potential efficiency gains will be. Let me start by recalling two fundamental principles of monetary policy.
In my remarks today I will discuss how the digital euro could help enable us to use our money whenever, wherever we need it throughout the euro area. [4] I will conclude my remarks with the work agenda for 2023, when we will conclude our investigation phase and the European Commission will present its legislative proposal.