However, how this impacts the payments process depends on the design of the technology. If a central bank issued crypto-currency was based on Blockchain then it would circumvent the existing conventional payment system and benefit from several pros: 11 • • • •  Faster settlement, which reduces default risk. Cheaper cross border transactions. Transparent payments, which incentivises faster payments processing.
Can a banking union perhaps help to stabilise the banks in southern Europe, so that they can reassume their task of financing the real economy? Asmussen: Yes, in particular the asset quality review that the ECB will undertake, together with national supervisors and external controllers, next year is crucial.