Given these innovations, a government that pressures a central bank to pursue an inflationary policy gets much less benefit for each unit increase in inflation because people can more easily switch out of the local currency. In other words, the inflation tax becomes much more difficult and costly to levy because citizens can more easily avoid the tax by using an alternative money.
Thus it is important to continue work on the pillars still missing, taking the proposals presented by the European Commission as a basis. On the other hand, we should not lose sight of the path leading to full banking union as a whole.