The rise in headline inflation is expected to mainly come through higher tradables inflation, due to the 14 percent decline in the trade-weighted exchange rate since mid-April and as the decline in oil prices drops out of the annual figure. There are, however, several risks and uncertainties around the inflation outlook.
With reference to the digital euro project, I will only mention some of the organizational impacts. Some interventions on existing structures and/or the creation of new coordination and dedicated units could be envisaged, taking into account the design features and the modalities that would be adopted to issue and manage the digital euro.