a package of measures, in particular that we will purchase abss, that we will purchase covered bonds, and that we have again reduced interest rates. at this time, i would prefer not to discuss future possibilities with you. this week, the president of the ecb, mr draghi, also spoke of geopolitical risks that people will have to keep an eye on. does this refer to the risks arising from the ukraine crisis? precisely what he meant is something you will have to ask mr draghi, but i would assume so. can you see geopolitical risks? yes, of course. there is certainly a risk arising from the ukraine crisis – a confidence risk relating to certain growth prospects. so far, it has not manifested itself in the economic indicators, but that it is, after all, a risk that could manifest itself at some time is undeniable. the final question. you are extraordinarily active, and now there is also going to be a new ten euro note this month. is everything going well with that? last time, there were some problems with vending machines etc. it is now due on 23 september. will it arrive? i think it will arrive. i also hope that everyone is well prepared. we at the ecb have done our best. we informed people very early. we provided all the information to enable the vending machine producers or operators to modify their software. however, at the end of the day, we are dependent on the vending machine operators to actually send a mechanic to modify the software or do whatever he has to do to ensure that the ten euro note is recognised. after we have prepared everything, after we have provided all the information and knowledge, it is in the hands of, and is therefore the responsibility of, the vending machine operators. and i would just like to appeal to them right now. bis central bankers ’ speeches

feedback from you and from key stakeholders. the intermediaries that would distribute the digital euro have in - depth knowledge and unique insights into what users need. they are thus best placed to be the direct counterparts for the individuals, merchants and businesses that would use the digital euro. these intermediaries would open accounts and wallets. they would conduct know your customer and anti - money laundering checks. and they would provide the devices or technology needed to pay in physical stores, online or person to person. 11 2 / 7 bis - central bankers'speeches for example, an app could be used for direct payments between two people, and an online interface could be used when shopping online. our investigation of these devices and technologies – the so - called form factors – is ongoing. we will develop prototypes to explore a variety of user interface solutions for making payments with digital euro. this is a learning opportunity, and will contribute to our design analysis in the subsequent phases of the digital euro project. we expect to publish our results in the first quarter of next year. 12 intermediaries would also have a role to play in the funding and defunding of users'holdings in digital euro. 13 users could either fund their digital euro accounts or wallets with cash, or they could convert commercial bank money – that is, bank deposits – into digital euro. conversely, they could convert digital euro into cash or move money from their digital euro account to their bank account. finally, intermediaries will be responsible for transaction management tasks, in a similar manner to current payments. this means they will be responsible for initiating transactions in digital euro, as well as customer authentication and transaction validation. establishing a digital euro scheme to make the digital euro available to everyone let me now turn to how we could best distribute the digital euro. we want to ensure that everyone in the euro area would be able to pay and be paid in digital euro. this should be the case irrespective of the entity with which they open their digital euro account or wallet and the country they are from. we also want to make a digital euro available to people who currently have no or limited access to digital payments, in order to improve financial inclusion. and a digital euro should foster innovation in the payments market, enabling intermediaries to develop novel solutions rather than discouraging them or crowding them out. we have thoroughly investigated different distribution models, assessing them against the key objectives of our digital euro project. we have also examined what has worked