Let me explain in some more detail this assessment. As you are well aware, the Governing Council of the ECB does not react in a mechanistic way to deviations of M3 growth from its reference value. Rather, it conducts a thorough analysis of monetary analysis with a view to derive information about the outlook for price stability in the medium term.
We have been conducting in-house experiments for the last few years, through means that 1/3  BIS central bankers' speeches  include the Board’s Technology Lab, which has been building and testing a range of distributed ledger platforms to understand their potential opportunity and risk.