In the context of its broad-based analysis of the risks to price stability, the ECB’s Governing Council is actively monitoring the situation for early signs of second-round effects. So far we have received mixed signals.
The Bank is building part of the infrastructure that stands at the centre of this new system that will allow funds to be exchanged instantaneously so that customers can have very quick access to their funds. Our work is on schedule and is now being used in industry testing.