In the remainder of my speech, I would like to share my thoughts on ways in which the European economy could become even more dynamic. 4  BIS central bankers’ speeches  4.1  Capital markets union  Financial market fragmentation is certainly a hindrance to growth.
Moreover, we have a robust and diverse banking system that provides important services along with a widely available and expanding variety of digital payment options that build on the existing institutional framework with its important safeguards. Circumstances where the central bank issues digital currency directly to consumer accounts for general-purpose use would raise profound legal, policy, and operational questions.