2/5  BIS central bankers' speeches  And, of course, if we were to wait for too long, inflation might eventually accelerate too much, which would require applying the monetary policy brakes harder than otherwise would be necessary.
Our regular payment behaviour study shows that online purchases as a percentage of recorded turnover quadrupled between 2017 and 2021. Every fourth euro is now being spent online, with a strong market share held by PayPal. A digital euro would preserve access to secure central bank money for everyone in the digital world.