UNPRECEDENTED MONETARY POLICY ACCOMMODA-TION To get where we are now, the Eurosystem has had to take far-reaching measures. We have lowered our main policy rates substantially, even into negative territory, to stimulate consumption and investment. Moreover, several non-standard monetary policy measures were taken to bolster the pass-through of low policy rates when tensions in financial markets persisted.
I would like to talk to you today about three aspects of digital transformation: first, the opportunities; second, the risks; and, finally, the matter of the right framework. 2 Opportunities presented by digitalisation Let’s first take a look at the opportunities. I’m not talking about business specifics here, but rather developments in the wider context.