BIS central bankers’ speeches  3  From a central bank perspective, in the context of our strategic reflections on the future of Eurosystem’s market infrastructures, we are certainly open to new technologies and, like many market players, have launched some experimental work with DLT. Bringing our Eurosystem market infrastructures on DLT automatically means bringing central bank money on DLT.
Indeed, the consequences of this process include portfolio dollarization; fiscal, financial or external dominance; obstacles to develop a long-term credit market; and the marked negative correlation between changes in retail deposits and foreign exchange fluctuations. These factors, which undermined the power of some traditional monetary policy instruments, have played a key role in the design of our monetary-financial system.