Third, a digital euro could later possibly also support digital processes, especially if it could be used in programmable environments. This would potentially make fully automated payments based on smart contracts conceivable, including entirely new use cases in the Internet of Things. I would like to add one final point. What do you think of when you hear the following? This technology “….
This raises a host of questions about the relative effectiveness of these policies, but also about conventional yield curve models and whether they adequately capture the mechanisms that explain the role of these policies, particularly given that for tractability and simplicity real-world complications like credit and liquidity premia, pricing anomalies and even the influence of the macro economy and monetary policy are often not directly considered.