less fresh food is projected to be in the ranges of minus 0. 6 to minus 0. 4 percent for fiscal 2020, 0. 2 to 0. 5 percent for fiscal 2021, and 0. 5 to 0. 8 percent for fiscal 2022. of course, this outlook entails extremely high uncertainties, since it depends on the consequences of covid - 19 and their impact on domestic and overseas economies. if the strict public health measures are reinstated, economic activity could be constrained significantly again. moreover, attention should be paid to whether the second - round effects of a shock from covid19 will significantly depress the economy. specifically, whether the liquidity problem will shift to a solvency one and affect the financial system, thereby further pushing down the real economy, should be monitored. it also matters whether firms ’ and households ’ growth expectations will decline, leading to cautious spending attitudes. at present, it seems possible to avoid these risks owing to the government ’ s and the bank ’ s responses, but future developments warrant attention. lastly, let me touch on the bank ’ s thinking on future conduct of monetary policy. the bank considers it important to continue providing support for financing and maintaining stability in financial markets by conducting the three measures, which have been effective. since the economic and financial impact of covid - 19 is highly uncertain, the bank, for the time being, will closely monitor this impact and not hesitate to do whatever it takes as a central bank if necessary. thank you. 2 / 2 bis central bankers'speeches

##operability or cybersecurity. this is important. much research and experiments are going into this field, and we follow it closely. at danmarks nationalbank we are currently putting a lot of work into enhancing cybersecurity and robustness in our systems. the question of a retail cbdc goes far beyond technology. its introduction would change the structure of the financial system and the respective roles and demarcation lines between commercial banks, central banks and other institutions, in the provision of money. several reasons have been proposed for introducing retail cbdc. examples include improving critical infrastructures, financial inclusion or strengthening competition and cybersecurity. some of these issues are not new and have typically been addressed by regulation, or by improving existing technologies. it is not clear to me that we require a different approach now, but perspectives and circumstances across countries differ. page 7 of 8 a key question often voiced is whether the decline in cash use will eventually lead to a lack of trust in money, and if so, whether a retail cbdc could take the role of cash in ensuring this trust. as already noted, based on what we know today, it is not clear to me that cash in the hands of private citizens is the anchor of trust in our monetary system, certainly not in denmark. but this is an open question, and i look forward to discussing today. conclusion to conclude, new technologies and digital innovation are changing the nature of society. when we assess the implications for money and central banks, we should draw on our extensive knowledge on how monetary systems work, while learning from new developments and insights. i have laid out some preliminary views and assessments reached at danmarks nationalbank. but to return to where i started : we want to engage, we want to learn, and we want to be challenged. i wish you an excellent conference! page 8 of 8