However, the broader issue is how to build a monetary system in the digital age. We have seen the emergence of private digital currencies and stablecoins in addition to the increasing interest in CBDC. There is no doubt that we have entered a period of transformation for the monetary system.
*  *  *  Thank you, Chairman Issa, Ranking Member Cummings, and other members of the Committee for inviting me to testify about the economic and financial situation in Europe and the actions taken by the Federal Reserve in response.