For instance, [in] the last two or three meetings, I pointed out that actual demand for base money-cash in circulation that is not deposited with us-has been consistently below the lower end of our projection. What is clear from my point of view, although this still has to be verified, is that it is digital progress that explains that divergence.
All of this will help the ECB statistical function, as part of its international role, to step up its efforts to address the requirements for climate-related statistics. To support the analysis of the impact of climate change and transition policies on the economy and the transmission of monetary policy, an important task is also the integration of climate risks into the ECB’s workhorse models.