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Although it is still far from the 2% target rate, inflation in both the euro area and the US has fallen steadily throughout 2023, and one of the key assumptions in our 2024 outlook is that it will continue to do so next year, facilitating the first interest rate cuts by the Fed and the ECB. But how robust is this disinflationary assumption? How much of a hurry are the central banks in to lower rates?

Finance is a key sector for the economy. Therefore, any significant innovation in this field deserves to be analysed with caution, and its implications, well understood. This is what we seek to do in this article with the Libra project.