The most important decision the Governor has to take is what level of inflation will define price stability. As you already understand it will depend on the level of expected economic activity and growth. It is clear that there is a trade off between the two, i.e. inflation and economic growth. I want to clearly express to you my definition of price stability.
What if, in times of crisis, bank deposits were rapidly withdrawn and converted into a digital euro? We call this scenario a “digital bank run”. The result could be the destabilisation of the entire financial system.