6  Last but not least, in order for banks to attract investors to the unsecured bank funding market as well, confidence in the euro area must be restored. Through the restoration of fiscal discipline and implementation of structural reforms, euro area sovereign debt will be viewed once again as risk-free and thus contribute to a collateral supply of good quality.
See Barontini, Christian and Henry Holden (2019): “Proceeding with Caution – A Survey on Central Bank Digital Currency”, BIS Papers No. 101, January. 8 See, for instance, ECB Crypto-Assets Task Force (2019): “Crypto-Assets: Implications for Financial Stability, Monetary Policy, and Payments and Market Infrastructures”, European Central Bank Occasional Paper No. 223, May.