The real danger comes from encouraging or inadvertently tolerating rising inﬂation and its close cousin of extreme speculation and risk taking, in effect standing by while bubbles and excesses threaten ﬁnancial markets.” [16] I believe Paul Volcker hits the nail on the head here: what central banks need to bear in mind is that an enduring easy-money policy can contribute to the build-up of imbalances in the ﬁnancial system.
In the context of the latter, I will also give a brief overview of the ongoing project on a digital euro. 2 Challenge 1: Changes in user and payment behaviours When it comes to payment habits, cash remains the number one means of payment at the point of sale in Germany.