2 / 14  BIS central bankers' speeches  The second fact is the subject of the first report that will be presented tomorrow: distributed ledger technologies. Universal reserves could be implemented in principle either as central bank deposits – this was Tobin’s original idea of “deposited currency accounts” – or as DLT-based digital tokens.
8  Since the start of EMU, the volatility (measured by the standard deviation) of annualised quarterly consumer price inflation in the euro area was 0.85 percentage point and the volatility of annualised quarterly real GDP growth was around 1.5 percentage points.