There is also a more general question about the future of the technology underlying the functioning of most crypto-assets, the distributed ledger technology (DLT). In financial markets, a complicated system with lots of intermediaries is required to transfer assets, verify who owns what, and reconcile the various records: banks providing custodian services, brokers processing trade orders, exchanges and clearing houses settling transactions.
While it is clear that, for many – partly formal – reasons, annual budgetary targets always need to be set in nominal terms, the assessment of fiscal policies naturally must take into account cyclical developments. Though the discussion surrounding this issue may, at times, appear confusing, it does not reflect a flaw in the Pact as some critics claim.