2 Eichengreen, B., Mehl, A. and Chiţu, L. (2017), How Global Currencies Work: Past, Present and Future, Princeton  University Press. 3 On the basis of the ECB’s quantity-based indicator of financial integration. 4 ECB (2019), Card payments in Europe – current landscape and future prospects: a Eurosystem perspective,  April. 5 European Systemic Risk Board (2020), Systemic Cyber Risk, forthcoming.
With underlying inflation running below 2 percent for many years and COVID contributing to a further decline, it is important that monetary policy support inflation expectations that are consistent with inflation centered on 2 percent over time.