The project seeks to clarify the demand, design and interaction of an electronic form of money issued by the Eurosystem with the payments and banking system.
The European Banking Federation (EBF) today expressed support for the
investigation phase into the issuance of a digital euro by the European
Central Bank (ECB). The project seeks to clarify the demand, design and
interaction of an electronic form of money issued by the Eurosystem
with the payments and banking system. For a digital euro to ultimately
benefit the economy while safeguarding the stability of the financial
system, close collaboration of the ECB with the European banking sector
in the newly launched investigation phase will be fundamental.
The ECB Governing Council’s decision marks the beginning of an
in-depth investigation into a potential European digital currency. The
ECB has previously published a report on this subject in October 2020,
followed by a public consultation concluded earlier this year. In its response
to the consultation, EBF has emphasized the need for a digital euro to
benefit the European end-users and economy, while avoiding any
destabilizing effect on the financial system. Additionally, it called
for an essential clarification as to how the digital euro project would
go hand-in-hand with private payment and deposit solutions.
With this investigation, the ECB will explore how best to serve the
needs of an increasingly digitalised European economy. This ongoing
shift in the economy and payments landscape has the potential to
fundamentally transform the banking system. Responding to these
developments is a top priority for the European banking industry.
“The global payments field is experiencing a major
transformation. In the EU, we already have an efficient, secure and
well-functioning payments market, where consumers and businesses are
able to access various payment methods,” said Wim Mijs, EBF CEO. “At the
same time, the rapidly evolving digital economy and the potential
global stablecoins pose challenges for policymakers and the financial
industry. We are committed to working closely with the ECB and the
Eurosystem to unlock the best solutions for European citizens and
businesses”.
Visit our website for more information on EBF views on a digital euro.
EBF
© EBF
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