The European Central Bank (ECB) is looking into the benefits and risks of a digital currency, according to its president, Christine Lagarde. Rather than as a replacement for cash, a digital euro would „complement” traditional money, she said in an introductory speech at the Franco-German Parliamentary Assembly.
„In a more digital economy, we need to ensure the strength and autonomy of European payment systems.[6] The Eurosystem is actively pursuing initiatives to achieve this. We are also exploring the benefits, risks and operational challenges of introducing a digital euro. A digital euro could be a complement to, not a substitute for, cash; it could provide an alternative to private digital currencies and ensure that sovereign money remains at the core of European payment systems,” Lagarde said.
„At the same time, we need to remove all obstacles to the development of a cross-border market for sustainable financial products. In other words, we need to finally complete the banking union and create a genuine capital markets union,” concludes the president of the European Central Bank.
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[6]Lagarde, C. (2020), “Payments in a digital world”, speech at the Deutsche Bundesbank online conference on banking and payments in the digital world, 10 September.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
