It will leverage the ultra-fast TIPS infrastructure, which allows to settle payments in real time, at any time of day, on every day of the year. It also offers advantages from the perspective of European autonomy – as a complement to international card providers, it increases our resilience. But alongside private sector solutions, central banks must anticipate change.
I have come to believe that economists have built a discipline for a world which has largely vanished, and that is why we have nothing sensible to say about the challenges that face the world economy today.