Yet, real rates remain in negative territory for most tenors, meaning policy is likely too accommodative (Slide 13, right-hand side). Markets’ expectations of a “pivot” have recently worked against our efforts to withdraw policy accommodation, bringing the actual policy stance further away from the stance that is required to bring inflation back to target.
5 Conclusion Ladies and gentlemen, Digitalisation is about to bring about a fundamental transformation of the financial markets. So it can’t be a matter of blocking or preventing developments. Instead, it should be the task of legislators, supervisors and market participants alike to shape these developments. Even if these developments cannot be stopped, digitalisation will ultimately be what we make of it.