Deutsche Börse CEO Stephan Leithner is advocating for a permanent digital euro to enhance 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 crucial for modernizing Europe’s financial system, improving transaction efficiency, and reducing reliance on the U.S. dollar. He emphasizes the need for collaboration between the European Central Bank and national regulators to ensure seamless integration of digital payments.
He also calls for the harmonization of financial regulations such as MiCA and DORA to bolster the euro’s global competitiveness. While his paper outlines strategic objectives, it lacks detailed implementation plans. Meanwhile, banks like Standard Chartered are continuing to expand their digital asset services.
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Beyond financial efficiency, Leithner contends that a digital euro could position the EU as a leader in digital finance. He underscores the significance of developing “cash on ledger” and programmable payment systems, which could create a more interconnected and resilient financial infrastructure for the region.
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