I just want to show that the narrow issue of a move of the Eurosystem’s market infrastructure for the settlement of payments and securities would involve far more issues than an assessment of the technical capabilities of DLT. We have a lot of more thinking to do.
This potential problem can be greatly magnified by the possibility of shifting burdens between taxpayers of different member states via central bank balance sheets – without an explicit mandate from national legislators. This is an important difference compared with non-EMU central banks that have used their balance sheets as a policy instrument.