Digital euro: EBF presents its views to ECB
BRUSSELS, 13 January 2020 – The European Banking Federation has submitted its views on the introduction of a digital euro as a central bank digital currency to the European Central Bank, which closed its public consultation on this topic last night.
CLICK HERE to read the EBF submission.
The EBF takes note of the work that is done by the Eurosystem to investigate a digital euro that could be aimed at a retail audience, should the need arise. A central bank digital euro should first and foremost be a viable and optimal solution to a clearly defined unserviced need in the market, for which no other more efficient solution exists. In addition, it should benefit private individuals and corporates and the economy as a whole, while avoiding destabilizing the financial system. Therefore, before the ECB decides to issue a CBDE, it should be very clear what a CBDE can contribute that is not already covered or can be covered by private payment and deposit solutions.
Taking into account their crucial position in the financial and payment systems, and for the financing of the economy, European banks welcome a continuous exchange with the ECB on the digital euro project. The underlying needs, possible – effective – alternatives under these objectives as well as the design principles should be further explored with representatives of the European society at large. EBF welcomes detailed discussions with sufficient time prior to a decision on a project launch.
The EBF stands ready to engage with the ECB in conducting additional assessments and applying investigative tools beyond the launched public consultation.
FOR MORE INFORMATION:
Alexandra Maniati, Director, Innovation & Cybersecurity