aligned. if multiple third - party platforms with wholesale cbdc were to exist, this approach could be replicated. de - tokenising wholesale cbdc on one platform and tokenising sight deposits on another would use the same process and would be facilitated by the swiss rtgs system. the role of the snb in this process would be to control the issuance and redemption of wholesale cbdc on the respective platforms. my focus so far has been on project helvetia iii, which explores wholesale cbdc on a third - party platform. but there are other approaches to settling tokenised asset transactions. to understand the respective risks and benefits, we are examining two alternative approaches to wholesale cbdc. in the second part of my remarks, i would like to describe them and offer a preliminary assessment. alternative settlement approaches and preliminary assessment the first alternative approach is linking the tokenised asset platform with the swiss rtgs system. i will refer to it as the rtgs link. the second approach uses private token money which is issued on the tokenised asset platform and which is bankruptcyprotected and fully backed by sight deposits at the snb. i will call this approach backed private token money. 2 / 4 bis - central bankers'speeches the rtgs link employs a synchronised approach to settlement : sight deposits and tokenised assets remain on different infrastructures. to settle a tokenised asset transaction in this setting, the transfer of assets and central bank money is synchronised by messages sent back and forth between the different infrastructures. this corresponds to the current process, where central banks support links between their rtgs systems and other financial market infrastructures in order to facilitate safe settlement. an rtgs link could leverage existing functionality in the swiss rtgs system. central bank money would not leave the current sight deposit accounts, thus preventing fragmentation of central bank money. it would also avoid the governance questions arising from issuing central bank money on a third - party platform. however, an rtgs link would replicate the current process, which builds on synchronisation. this might limit the ability to improve the status quo. backed private token money in turn enables an integrated approach to settlement whereby money and assets would be held on the same platform. it would be accessible to banks that already have access to central bank money and would have risk characteristics similar to those of central bank money. if the token issuer defaults, holders of such private token money have recourse to the central bank money

as i have already mentioned, the literature is ample and monetary transmission has been discussed and analyzed in detail before. therefore, it is not my intention to deliver a comprehensive overview of this strand of research. instead, i will outline some driving forces that could have changed specific transmission channels, such as the exchange - rate, the interest - rate and the credit channel in the euro area. in doing so, i shall provide examples of the dependency of the monetary transmission on structural change and point out some identification problems that arise. 2. 1 exchange rate channel concerning the exchange rate channel, there are theoretical arguments for its strength having either increased or decreased in recent years. on the one hand, the creation of the single currency has led to a weaker exchange rate channel of monetary policy in euro area countries because nominal exchange rate changes within the euro area have simply disappeared. on the other hand, the increase in international trade and integration on a global scale has heightened the relative importance of the exchange rate, which, in turn, has fostered the role of the exchange rate in the transmission mechanism. a priori the net effect is open and can only be determined empirically. however, the evidence is mixed. for example, there is some evidence that the exchange rate channel may have become more powerful in the monetary union. 1 however, there is also some evidence that removing the exchange - rate risk for intra euro area trade combined with a stronger monetary policy commitment to stabilising inflation and output may have led to aggregate economic activity and inflation becoming more muted in their response to monetary policy shocks. 2. 2 interest rate channel theoretical considerations as well as empirical results point mainly to a stronger and faster pass - through from policy rates to other interest rates due to increased competition among different financial market segments and an ongoing consolidation process in the banking system. both results in a closer link between different interest rates and thereby increase the speed at which changes in monetary policy rates are transmitted to other financial variables and to the real economy. moreover, the deepening of financial markets we have witnessed in the period before the financial crisis is likely to have enhanced the role of expectations. this has led to monetary policy impulses spreading more rapidly from the money market to other market segments of the financial system. however, there is also an ongoing debate on whether international financial integration could have eroded the influence of monetary policy on national long - term interest rates. indeed, at a first glance, the high degree of synchronisation between movements in long - term nominal