Deutsche Börse CEO Stephan Leithner is advocating for a permanent digital euro to bolster the EU’s financial autonomy.
In a policy paper, he proposes transitioning from a Capital Markets Union to a Savings and Investments Union, with a central bank digital currency (CBDC) at its core. Leithner views a digital euro as essential for modernizing Europe’s financial system, enhancing transaction efficiency, and decreasing reliance on the U.S. dollar. He emphasizes the need for collaboration between the European Central Bank and national regulators to facilitate the seamless integration of digital payments.
He also calls for harmonizing financial regulations such as MiCA and DORA to boost the euro’s global competitiveness. While his paper delineates strategic objectives, it falls short of providing detailed implementation plans. Meanwhile, banks like Standard Chartered continue to expand their offerings in digital asset services.
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Beyond financial efficiency, Leithner contends that a digital euro could position the EU as a frontrunner in digital finance. He highlights the significance of developing “cash on ledger” and programmable payment systems, which could foster a more interconnected and resilient financial infrastructure for the region.
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