In this business cycle, firms have been reluctant to borrow - in part because of uncertainty about future prospects. The commercial loan business often carries attractive spreads, especially in the middle market. We have seen only the very early signs of recovery in loan demand, including a pickup in bond issuance and syndicated lending.
Meanwhile, the European Commission just recently carried out a targeted consultation,9 based on which a legislative proposal is to be submitted by the beginning of 2023. So what is next for the Eurosystem digital euro project? We will proceed investigating in order to be able to take a decision on a realisation phase at the end of 2023.