See for Example ‘Central bank digital currencies: foundational principles and core features series of reports  . ’ (2020) and the  on digital currency aspects (e.g. financial stability, system design) published in 2021. 17. These are likely to involve testing individual components of the digital pound architecture (against standards built on the considerations set out in our Technology Working Paper). Project Rosalind , being run out of the London Centre of the BIS Innovation Hub is one example of the kind of work we envisage. That project is currently running a tech sprint and expressions of interest are open until 10 February.
The new series of targeted refinancing operations (dubbed “TLTRO 2”) should improve medium-term funding conditions for banks and foster bank lending to companies and households. 1  INSEE: Indicateur de climat des affaires et de retournement conjoncturel. BIS central bankers’ speeches  1  3/ Structural policies Moreover, monetary policy is not the only game in town. It is supported by structural reforms that increase potential growth, particularly in countries with a high unemployment rate. History has shown that ambitious reforms can contribute durably to growth. Sweden in the 1990s and Germany a decade later have demonstrated that structural reforms enhance employment rates, potential growth and resilience. They also reduce labour market duality, and provide more opportunities to new entrants in the labour market, particularly young people. In the wake of a severe crisis, Sweden and Germany rebuilt their economic models and, as a result, have been better able to weather the latest downturn. Indeed, a number of European countries are conducting major reforms to bring high and sustainable growth back. Those reforms are particularly challenging when it comes to the labour market, but they are needed. We need to improve labour flexibility and reduce the duality in the labour market between permanent and temporary contracts, which generates both high structural unemployment and inequality. The most emblematic example is Spanish reforms. Their results are impressive, especially when we consider the very difficult economic situation in the country during their implementation.