Going forward, the ECB's interest rate decisions will be data driven, aiming for 2% inflation in the medium term, in line with our strategy. Let me next turn to central bank digital currencies. At the ECB, as in a number of other central banks across the world, we are looking into the possibility of introducing a CBDC, a digital euro.
As an example, some have suggested that the Reserve Bank could play a role in the further development of the EFTPOS system. The system was designed originally to transfer money from consumer accounts to merchant accounts. These transfers are initiated when an EFTPOS card is swiped through a merchant’s terminal and the impact on the customer’s account is immediate.