Considering what COVID-19 has taught us about real disruption, I think there needs to be a response to the growing demand in the economy for cheap, quick and convenient means of payment which can also be used in new payment situations, like machine-to-machine payments. The Bundesbank is deeply engaged in the debate on CBDC.
But we are also thinking about alternative solutions, which could avoid disruption and help overcome the existing challenges, reap the benefits of going digital, and support new payment use cases without introducing CBDC. One way could be to enhance conventional payment systems, both at a domestic and a global level.