Dr. Martin O'Brien:

Over the longer term there are more conventional issues and the point about climate change has been mentioned. Geoeconomic fragmentation is also an issue and it impinges on issues with respect to what would be called strategic autonomy, which the ECB has been quite vocal about. There is some vulnerability there to our payments infrastructure. A lot of it relies on particular providers that are not European. Initiatives around more integrated European payments systems, and developing instruments like the digital euro and so on, could be ways and means for us to ensure more resilience in the European infrastructure.