EBF CONSULTATION RESPONSE
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EBF response to European Commission’s Targeted Consultation on a digital euro

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BRUSSELS, 16^th June 2022  – Continuing its active and multi-level contribution to the public debate on the possible creation of a digital euro, the EBF has responded to the related European Commission’s targeted consultation. This is a key topic for the European banking industry as a digital euro seeks to respond to the unprecedented speed of digitalization of the economy and payments, and has the potential to fundamentally impact the banking system. More particularly, a digital euro could pose major challenges pertaining, for example, to financial stability, crowding out of private solutions, finding a sustainable business model for intermediaries and responding to user needs. All these challenges should be duly and timely assessed and mitigated. The EBF response also highlights that a digital euro should enhance and support innovation and therefore not be limited and targeted to the traditional use cases but be functionally different from the existing payment solutions.

The retail digital euro project entails both potential and significant risks for the European banking sector and the economy as a whole. A meaningful and transparent exchange with all relevant stakeholders can ensure, not only the appropriate uptake of this initiative, but also its longevity and success. With that objective in mind, the European Banking Federation will continue to follow the related developments with keen interest and seek to constructively contribute to shaping them.

For more information please contact:

Alexandra Maniati
Senior Director, Innovation & Cybersecurity, a.maniati@ebf.eu

Anni Mykkänen
Senior Policy Adviser, Payments & Innovation, a.mykkanen@ebf.eu

Julian Schmücker
Senior Policy Adviser, Digital Innovation, j.schmucker@ebf.eu

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About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together 32 national banking associations in Europe that together represent a significant majority of all banking assets in Europe, with 3,500 banks – large and small, wholesale and retail, local and international – while employing approximately two million people. EBF members represent banks that make available loans to the European economy in excess of €20 trillion and that reliably handle more than 400 million payment transactions per day. Launched in 1960, the EBF is committed to a single market for financial services in the European Union and to supporting policies that foster economic growth.