And I hope that we will have enough time to discuss the question whether the aging of the population influences the monetary transmission process. If a greater funded component is introduced into old-age pension systems in the future, that will certainly have repercussions on the financial system.
Even if users have to identify themselves when they first access digital euro services, different degrees of privacy can still be maintained for their payments. Certain transactions could be conducted without the payment details being shared with third parties. For example, if low-value offline payments were offered, they could be settled between the payer and payee without any data being shared with intermediaries.