On behalf of the ECB’s Governing Council, I called on all European authorities to be up to the very demanding challenges of the times and to demonstrate their sense of direction. And I told our partners in the rest of the world that we needed support and strong encouragement for European affairs, but not public lectures.
At the same time, regarding how central banks should provide their infrastructures under the changing environment, we need to consider various issues. First, there is the issue of how to strike an appropriate balance between central bank money and private-based money in the economy, and between the stability in settlements and private-led innovation. These are classical issues.