While banks can absorb the losses incurred by the default of an average borrower, just one successful cyberattack can bring the activities of a financial market infrastructure to a standstill, causing at least immense reputational damage or in the worst case a financial crisis.
Given the ECB’s mandate to maintain price stability, the necessarily medium-term orientation of its strategy to do so and the continuity between the most credible national currencies and the Euro, assigning an important role to the analysis of monetary developments is both necessary and very useful.