when it comes to the central bank, we propose that we do not have access to personal data. and it will be for you, as co - legislators, to decide on the balance between privacy and other important public policy objectives like anti - money laundering, countering terrorism financing, preventing tax evasion or guaranteeing sanctions compliance. on our side, we have been working on solutions that would preserve privacy by default and by design, thereby giving people control of their payment data. [ 16 ] to this end, we are also closely engaging with the european data protection supervisor and the european data protection board. using a digital euro easily and everywhere in the euro area as public money, a digital euro would be a european public good which all citizens and firms should be able to access and use without barriers. this should be the case regardless of who their intermediary is or which member state they are located in. offering universal accessibility and usability would be key for a digital euro to play its role as a monetary anchor and to fulfil people ’ s expectations. feedback from citizens [ 17 ] reflects the value of having a payment instrument which is always an option for the payer. citizens may not always pay with cash, but they like to always have the option to do so. the same logic applies to a digital euro. as co - legislators, you can adopt regulatory measures that would ensure widespread acceptance of the digital euro in payments while ensuring that citizens have broad access to the digital euro. but while these two factors are vital foundations for the digital euro, they alone are not sufficient. attractive functionalities and convenient user experience would be equally key for widespread adoption. we therefore want to design a digital euro with online and offline functionalities. these will allow it to serve different use cases [ 18 ] and offer users different benefits. for example, an offline functionality [ 19 ] would give payments a level of privacy that is close to that of cash. it would also increase resilience as it would work without internet access. we are also envisaging two options for conveniently using a digital euro. first, supervised intermediaries could integrate the digital euro into their own platforms. in this way, users could easily access the digital euro through the banking apps and interfaces they are already familiar with. second, the eurosystem is considering a new digital euro app [ 20 ], which would include only basic payment functionalities performed by intermediaries. the app would ensure that no matter where

moreover, a european deposit insurance scheme would avoid the risk of destabilising self - fulfilling prophecies in the form of bank runs. it would also reduce the risk of financial fragmentation and thus support the effectiveness of monetary policy throughout emu, contributing to economic stability. with the right policy framework, risk - sharing and risk reduction are thus mutually reinforcing1. a more resilient emu would also benefit from a bolstered crisis management framework. the commitment to strengthen the esm made at the recent euro summit is therefore very welcome. this should include an increase in its effectiveness and agility in terms of both governance and instruments, while fully respecting the mandates of the commission and the ecb. to absorb shocks and reduce the risk of full - blown crises, the euro area would also benefit from a common stabilisation function. such an instrument could provide macroeconomic support in the event of euro area - wide recessions, thereby preserving convergence, supporting stabilising national policies and allowing monetary policy to operate effectively. at the same time, this instrument should not undermine incentives for member states to pursue sound fiscal and economic policies. we therefore very much welcome the renewed impulse to this discussion. an ambitious agenda for the capital markets union ( cmu ) can further underpin and facilitate the priorities i have outlined. first, cmu would increase private sector risk - sharing, and thus help to cushion local shocks, reducing the need for using public stabilisation tools. second, a consistent framework is essential for deep and resilient financial integration. for instance, harmonising and improving insolvency frameworks would make it easier for banks to deal with non - performing assets, which would be beneficial to banks ’ health. a genuine capital markets union would also support deeper, integrated and more stable capital markets, improving access to funding for all. let me emphasise that none of the measures i have mentioned are possible without trust between member states, and that requires national governments to play their part in increasing the resilience of their economies and modernising economic structures. conclusion our monetary policy measures have been very effective. we estimate that the measures we have taken since mid - 2014 will have an overall cumulative impact of around 1. 9 percentage points on both euro area real gdp growth and inflation for the period between 2016 and 2020. our measures are playing a decisive role in bringing inflation back on track to reach a level that is below, but close to, 2 % over the medium term