Central decision-making is the key to successfully advancing the digitalisation of central banks, panellists told a European Central Bank conference on November 30.

Experts and officials agreed that supervisors, as well as private companies, need to clearly define their objectives and focus. To accomplish this, they should adopt long-term horizons of 10 to 20 years while remaining flexible enough to adapt to changes over the short term.

“If you really want to do a digital transformation