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Digital Euro business case: value for citizens, who pays, who distributes and how to avoid infrastructure duplication?

Day 2 Afternoon

Thursday 14 September

Room :



Harald Waiglein
Director General for Economic Policy, Financial Markets and Custom - Federal Ministry of Finance, Austria
Public Authorities
Fiona Van Echelpoel
Deputy Director General, DG Market Infrastructure & Payments - European Central Bank (ECB)
Eva Wimmer
Director General - Federal Ministry of Finance, Germany
Industry Representatives
José Antonio Álvarez
Vice Chair of the Board of Directors - Banco Santander
Alban Aucoin
Head of Public Affairs - Crédit Agricole S.A.
Philippe Bordenave
Senior Executive Advisor to General Management and the Chair of the Board - BNP Paribas
Manuel Galarza
Head of Compliance, Control & Public Affairs & Member of the Management Committee - CaixaBank

Background and objectives of the session

The introduction of the Digital Euro promises significant benefits, catering to the evolving payment needs in our digital era. It offers both efficiency and trust as it utilizes central bank money, ensuring accessibility in an increasingly cashless society and fostering innovation in the digital economy.

However, the key challenge lies in funding the Digital Euro system sustainably. Determining the economic model and revenue sources is crucial, including transaction fees, service charges, and innovative funding mechanisms.
Collaboration between central banks and the private sector, especially banks and payment service providers, is vital for distribution. Their expertise and customer relationships are essential for broad user adoption. Continuous innovation and adaptability are essential in the ever-changing digital landscape.
Promoting digital inclusion and accessibility for those with barriers or limited digital skills is equally important.

Leveraging existing infrastructure and payment solutions is a priority to maximize efficiency and cost-effectiveness, ensuring interoperability with existing systems.
Privacy and data protection are paramount, requiring robust security measures and transparent communication to gain public trust.

In summary, the Digital Euro offers numerous advantages but faces challenges in funding, distribution, inclusion, and security. Collaboration and innovation are key to its success.

Main questions to be addressed.

  1. What are the costs, pricing structures, and necessary investments for citizens, merchants (physical and online), and financial institutions in implementing the Digital Euro, and how will earnings be distributed among stakeholders?
  2. What are the anticipated impacts of the Digital Euro on existing payment methods, market share expectations, contributions to EU strategic autonomy, effects on reducing cash in the economy, and the global lessons to be learned regarding Central Bank Digital Currency (CBDC) roles and coexistence with other payment methods?
  3. What are the next legal, technical, … steps toward the roll-out of the digital euro and related timetable? What clarifications are still necessary?