The investment fund sector provides a case in point: while the ECB believes that the sector is overall adequately regulated in the EU from an investor protection point of view, i.e., by the UCITS and Alternative Investment Fund Managers Directives, concerns have risen over the past few years that this sector in particular, could be part of future systemic events.
For example, the age structure will be different in the future to how it is today. If necessary, we will have to take the needs of older cash users into account in a completely different way, for example in the design of banknotes. I will give you other examples of key factors, apart from cash.