(2020), An ECB digital currency – a ﬂight of fancy?, speech at the Consensus 2020 virtual conference, 11 May 2020. 3. Cœuré, B. (2020), CBDCs Mean Evolution, Not Revolution, op-ed, 20 October 2020. 4. Allen, S., S. Čapkun, I. Eyal, G. Fanti, B.
Downside risks also relate to further increases in energy prices, in particular in view of ongoing geopolitical tensions, and to protectionist pressures and the possibility of a disorderly correction of global imbalances. Finally, there are potential risks stemming from the economic impact on the euro area and elsewhere of the recent natural and nuclear disaster in Japan.