higher interest rates would complicate coping with future challenges, especially with decarbonisation. however, closer inspection reveals that price stability is a prerequisite for an efficient adjustment process. carbon prices, for example, provide crucial price signals to emitters of carbon dioxide. a lack of price stability would distort these signals, reducing the efficiency of climate policies. what is more : actual inflation has a major impact on inflation expectations. this is well documented in the literature. 7 in the bundesbank's surveys among households and firms we observe a strong relationship as well. 8 against this background, even a temporary accommodation of higher inflation rates bears a risk of inflation expectations becoming de - anchored. we should not allow this risk to materialise. 5 concluding remarks ladies and gentlemen, let me conclude. 3 / 4 bis - central bankers'speeches a range of potential factors could lead to higher inflationary pressure in the future. as yet, there is no fully reliable empirical evidence on their effects. we need much more research on this topic. in my view, this conference does an excellent job in that respect, covering a wide range of issues related to inflation dynamics and monetary policy. among other issues, the programme includes papers on inflation expectations, the phillips curve, digitalisation, industrial structure, and the natural interest rate. this research will help to improve our understanding of inflation dynamics and support our conduct of monetary policy. i hope you have already enjoyed some insightful and interesting discussions today. and i wish you every success for tomorrow as well. thank you for your attention and enjoy your dinner! 1 stantcheva, s., why do we dislike inflation?, brookings paper on economic activity, spring 2024. 2 constancio, v., understanding inflation dynamics and monetary policy, panel remarks delivered at the jackson hole economic policy symposium, federal reserve bank of kansas city, 29 august 2015. 3 koester, g., lis, e., nickel, c., osbat, c. and f. smets ( 2021 ), understanding low inflation in the euro area from 2013 to 2019 : cyclical and structural drivers, ecb occasional paper no. 280. 4 deutsche bundesbank, economic developments in emerging market economies : old problems and new challenges, monthly report, july 2023 ; see p. 62 for more on deglobalisation trends. 5 imf, world economic outlook : countering the cost - of - living crisis, october

curtain up for the future of payments : from bigtechs and fintechs to smartphones and stablecoins roundtable on digitalisation german institute for japanese studies 30. 10. 2019 | german institute for japanese studies in tokyo | burkhard balz introduction fintechs and bigtechs : new actors in the payments markets smartphones : changes in user and payment behaviour stablecoins : the challenge of libra possible answers and conclusions introduction ladies and gentlemen, professor waldenberger, thank you very much for inviting me here to the german institute for japanese studies in tokyo. i have to admit that, compared with the metropolis of tokyo, my place of work – frankfurt – feels like a village, to say nothing of my hometown of stadthagen west of hanover in charming lower saxony. tokyo and frankfurt, or rather japan and germany, are some 10, 000 km – a 12 - hour flight – apart, and they each have their own distinct culture with many special features. at the same time, our two countries share multiple ties and have a high degree of mutual appreciation. i also have the impression that the japanese and germans are not that dissimilar in many respects : 1 ) the japanese are known for being very thorough and passionate about order, making them very similar to the germans or even putting them one step ahead of us. 2 ) many japanese love beer. just like we do … 3 ) and the japanese have an affinity for cash – the same is not just said about the germans, our payment behaviour studies provide research - based evidence of this. and yet, payment behaviour is being transformed by digitalisation, which brings me straight to the subject of my speech. i have been a member of the executive board of the deutsche bundesbank since september 2018, and have responsibility for payments, amongst other things. my speech is entitled “ curtain up for the future of payments : from bigtechs and fintechs to smartphones and stablecoins ”. i would therefore like to proceed by discussing the three aspects mentioned in the title of my speech, since these are key to digitalisation in my area of responsibility – payments – but also in other areas of the financial sector. i will kick off by discussing the challenges posed by new players in the payments space – i am talking about fintech and bigtech firms. second, i will touch upon the changing user and payment habits – the keyword here being smartphones. finally, i will wrap up by inevitably talking