One important aspect of this issue we weren’t able to look at in the framework of the G20 is the possibilities and risks that come with the issuance of digital tokens or even digital central bank money. The question whether new technology changes fundamentally the foundations of central banking is increasingly discussed amongst central bankers.
As some of you might remember, I was here in Madrid five years ago to give a speech on “The challenges for the European economy in 2004”. At that time one important issue was whether the economic recovery that had become apparent in the second half of 2003 would gather momentum.