The trigger-solution would have the benefit that the existing payment infrastructure could be used in a tokenised economy without the need to issue CBDC. Furthermore, such a solution could be made available for different payment infrastructures, and in the short term. 4 Conclusion Ladies and gentlemen, let me conclude here. First, introducing CBDC is a political decision rather than a technical decision.
The Bank in its programme for the fiscal year 2004/2005 will carefully monitor these factors and pay particular attention in its research programme to the following (a)  The external environment and its impact on our reserve position, the competitiveness of the E C dollar and the balance of payments;  (b)  The role of the tourist industry;  (c)  The impact of oil prices;  (d)  Money and credit conditions in the Currency Union.