Third, the sharp improvement in correlation between the reverse repo rate and money market rates in the recent period implies enhanced effectiveness of monetary policy transmission. Fourth, the high degree of correlation between long-term government bond yield and short-term Treasury Bills rate indicates the significance of term-structure of interest rates in financial markets.
It would allow us to ensure that money and payments remain trusted, secure  3/4  BIS - Central bankers' speeches  and efficient in a rapidly changing digital environment. And by doing so, the digital euro would essentially serve wider public policy objectives, such as strengthening Europe's strategic autonomy and economic efficiency.