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.
© EBF
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