In fact, by focusing on maintaining price stability over the medium term rather than seeking to counteract unfavourable price shocks with an overly aggressive monetary policy designed to restore price stability within a short period of time, the ECB has avoided excessive volatility in economic activity and employment.
But as the technology advances, it could have a considerable impact on the financial system too. Blockchain could change securities depository and settlement systems. Some of these financial market infrastructures have already announced their intention to embrace DLT. The Australian Securities Exchange claims it will replace its clearing and settlement systems with a DLT-based solution.