I am sure that the institutions will continue their critical observation of the necessary considerations and potential steps towards digital central bank money. The work that is being done here is extremely valuable to us as central banks. Because even in an increasingly digital environment, it remains clear that a stable, resilient financial system is crucial to prosperity in Europe.
Nevertheless, there are distinct pre-conditions necessary for the functioning of a currency union that are common to each and every project of closer monetary cooperation – even though the recognition of the empirical truth that a “one size fits all” approach is not doing justice to the many projects of regional economic and monetary cooperation throughout the globe.1 Thirdly, in that context the proper functioning of EMU has been questioned in some camps over recent weeks.