Getting the timing right in withdrawing additional liquidity is likely to be decisive in order to ensure a non-inflationary recovery. Generally speaking, the lower the reversibility of the nonconventional operations, the larger the risk of being behind the curve when the macroeconomic and financial market situation improves.
And yes, central banks are innovators themselves – my third point. Beyond this, I hope you all agree that digitalisation is not just about making money; it is about making the world a better place, too. For me as a central banker, a better world means a financial system which is sufficiently and sustainably stable.