Wholesale financial activities, interbank transactions, syndicated loans and business services are concentrated and tend to develop on international markets. According to a survey conducted within the ambit of the European System of Central Banks, the 41 largest European banking groups, including three from Italy, have establishments in an average of five member states outside their own.
Some challenges would need to be overcome in this regard, particularly concerning the potential impact on banking business, financial stability and the central bank balance sheet. Whether we will issue a digital euro is something which has not yet been decided. I would like to mention the ongoing public consultation which is open until 12 January 2021.