{"id":41953,"date":"2024-06-07T17:05:11","date_gmt":"2024-06-07T15:05:11","guid":{"rendered":"https:\/\/frankfurt-main-finance.com\/?p=41953"},"modified":"2024-06-07T17:05:12","modified_gmt":"2024-06-07T15:05:12","slug":"the-digital-euro-next-generation-banking-for-the-eurozone","status":"publish","type":"post","link":"https:\/\/frankfurt-main-finance.com\/en\/the-digital-euro-next-generation-banking-for-the-eurozone\/","title":{"rendered":"The digital euro \u2013 next generation banking for the eurozone?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"41953\" class=\"elementor elementor-41953 elementor-41936\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0d1090f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0d1090f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7fb7058\" data-id=\"7fb7058\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-40fceb5 elementor-widget elementor-widget-text-editor\" data-id=\"40fceb5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"flex-1 overflow-hidden\"><div class=\"react-scroll-to-bottom--css-iytzy-79elbk h-full\"><div class=\"react-scroll-to-bottom--css-iytzy-1n7m0yu\"><div class=\"flex flex-col text-sm pb-9\"><div class=\"w-full text-token-text-primary\" dir=\"auto\" data-testid=\"conversation-turn-3\" data-scroll-anchor=\"true\"><div class=\"py-2 juice:py-[18px] px-3 text-base md:px-4 m-auto md:px-5 lg:px-1 xl:px-5\"><div class=\"mx-auto flex flex-1 gap-3 text-base juice:gap-4 juice:md:gap-5 juice:lg:gap-6 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem]\"><div class=\"group\/conversation-turn relative flex w-full min-w-0 flex-col agent-turn\"><div class=\"flex-col gap-1 md:gap-3\"><div class=\"flex flex-grow flex-col max-w-full\"><div class=\"min-h-[20px] text-message flex flex-col items-start whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 juice:w-full juice:items-end overflow-x-auto gap-2\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"9684a090-10ad-42ac-9f3f-c9d4cc9c5f93\"><div class=\"flex w-full flex-col gap-1 juice:empty:hidden juice:first:pt-[3px]\"><div class=\"markdown prose w-full break-words dark:prose-invert light\"><div class=\"flex-shrink-0 flex flex-col relative items-end\"><div><div class=\"pt-0.5 juice:pt-0\"><div class=\"gizmo-bot-avatar flex h-6 w-6 items-center justify-center overflow-hidden rounded-full juice:h-8 juice:w-8\"><div class=\"relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8\">\u00a0<\/div><\/div><\/div><\/div><\/div><div class=\"group\/conversation-turn relative flex w-full min-w-0 flex-col agent-turn\"><div class=\"flex-col gap-1 md:gap-3\"><div class=\"flex flex-grow flex-col max-w-full\"><div class=\"min-h-[20px] text-message flex flex-col items-start whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 juice:w-full juice:items-end overflow-x-auto gap-2\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"07b4db3e-2789-4dcf-b2e4-e5f16418553a\"><div class=\"flex w-full flex-col gap-1 juice:empty:hidden juice:first:pt-[3px]\"><div class=\"markdown prose w-full break-words dark:prose-invert light\"><p>A lot has happened in the last years since KPMG&#8217;s last article \u2013 many central banks, responding to accelerating digital payments, the growth of cryptocurrencies, and the actions of their peers, have moved forward with their plans for digital currencies. The European Central Bank (ECB) is no exception, with plans for a digital euro having come a long way since its \u2018investigation phase\u2019 was announced in October 2021.<\/p><p>That first phase of the digital euro project is now concluded and a two-year \u2018preparation phase\u2019 is underway. This will comprise activities such as finalising the rulebook, testing concepts, searching for service providers, and engaging with stakeholders \u2013 these include not only the general public, who will use the digital euro, but equally importantly, the banks. After all, banks will be the key distributors of the digital euro to the public and therefore will be key to ensuring a smooth uptake of this new technology.<\/p><p>Recent months have seen a flurry of publications on the digital euro from European authorities \u2013 even if some may be somewhat delayed due to the upcoming elections in June 2024. These include the Commission\u2019s June 2023 legislative proposals for a digital euro legal framework, a February 2024 ECB blog on \u201cDebunking banks\u2019 fears about losing deposits,\u201d and a March 2024 presentation by ECB Executive Board Member Piero Cipollone entitled \u201cDigital euro: the future of money.\u201d These all complement the Eurosystem\u2019s retail payment strategy, first developed in 2019, expanded in 2020, and further developed in November 2023.<\/p><p>All these developments mean that the anticipated high-level design features of a future digital euro are rapidly coming into focus. These are expected to include:<\/p><ul><li>No-cost usage for basic consumer transactions<\/li><li>Availability for any digital payment in the euro area (e.g., online, in-store, person-to-person)<\/li><li>The strongest level of privacy permitted by regulation<\/li><li>Intermediation via banks and other payment service providers<\/li><li>Compensation for intermediaries via merchant fees<\/li><li>Financial inclusion for the unbanked via public entity intermediation<\/li><li>Holding limits for individual users, with no interest or other remuneration<\/li><li>Availability for offline transactions<\/li><\/ul><p>Perhaps most importantly, the digital euro is expected to strengthen the strategic autonomy and monetary sovereignty of the euro area. For the eurozone, it is seen as a piece of critical infrastructure for Europe, paving the way for a payment solution in Europe that is currently reliant on foreign technology and companies.<\/p><p>A decision to issue the digital euro could theoretically be taken as soon as 2025, even if development would probably take years. But serious preparations and strategy developments are already underway in the payment space \u2013 commercial banks are increasingly conscious that the profound effects the digital euro will have on their business and operating models in areas such as liquidity, privacy, and interoperability, to name just a few. And yet, despite recent publications, many practical questions about the digital euro remain unanswered. At present, commercial banks\u2019 potential concerns about the concept include:<\/p><ul><li><strong>Deposits:<\/strong> Banks are generally fearful that the introduction of a digital euro could encourage customers to move away from conventional deposits at commercial banks \u2013 what impact might it have on banks\u2019 customer relationships and funding strategies?<\/li><li><strong>Costs:<\/strong> What might it cost commercial banks to develop digital euro interfaces for customers? Would they use existing bank systems or use other private wallet initiatives? Might the industry need to contribute to the potentially enormous cost of developing the digital euro\u2019s new \u2018payment rails\u2019?<\/li><li><strong>Revenues:<\/strong> To what extent will banks be able to offset the costs of providing customers with \u2018free\u2019 digital euro services by charging merchant fees? Could commercial banks lose existing or potential customers and their associated revenue streams altogether? Perhaps there are new value-added services \u2013 like micropayments, split payments, billing, receipts admin, cross-border payments, subsidiary, programmable, or conditional payments?<\/li><li><strong>Competition:<\/strong> What might be the impact of fintech innovations leveraging the digital euro\u2019s payment rails? Could new entrants use this infrastructure to outcompete banks or replace them altogether? From another angle, could the digital euro be seen as a win for banks? This could be an opportunity to outsource payments, reduce the maintenance cost of legacy systems, or even get rid of such legacy systems altogether. Perhaps there could be more collaborations with private initiatives from commercial banks using intermediary apps.<\/li><li><strong>Talent:<\/strong> Will banks be able to attract and retain staff with the skills needed to build and operate digital euro interfaces, given the novel technologies underpinning digital currencies?<\/li><\/ul><p>For banks, there are also uncertainties around the potential commercial upsides of a digital euro \u2013 such as using a strong digital euro proposition to cross-sell, up-sell, or even acquire new customers from underserved social groups. In addition, it\u2019s unclear how banks should prioritise planning for a digital euro against other major initiatives such as DORA or instant payments.<\/p><p>In short, there is some uncertainty for banks in exactly how to frame their decision-making around the digital euro \u2013 a concept that\u2019s unique, slow-moving, hard to quantify, and yet with potentially huge long-term effects. For now, there appear to be risks associated both with acting too slowly (ceding competitive advantage) and too quickly (wasting resources and attention).<\/p><p>There are no easy answers to these questions. Even so, strategic planning is vital. In KPMG&#8217;s view, commercial banks should be modelling potential scenarios, together with their possible implications and practical responses. However, KPMG believes that the digital euro rulebook already provides a good direction of travel for banks and should form the basis of strategies going forward.<\/p><p>More specifically, KPMG believes that banks should:<\/p><ul><li>Assess the greatest potential areas of disruption to their current business and operating models, including areas such as funding strategies, IT front and back-end systems (including interfaces), payment strategies, transaction management, investment strategies, and the need for new external partnerships.<\/li><li>Assess the potential implications for customer and product propositions \u2013 including deposits, digital wallets, and digital assets \u2013 and the potential impact on current and future revenue streams.<\/li><\/ul><p>In summary, while significant uncertainties remain, including uncertainty over the eventual traction of the digital euro in terms of reach, or whether it will even be possible to build a sovereign infrastructure to support the digital euro, clarity around the actual features of a future digital euro is increasing fast. Many banks are already actively considering the possible impacts of a digital euro on their strategies and operations. Other institutions should do the same if they want to mitigate the potential risks \u2013 and capitalise on possible opportunities.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6dac723 elementor-cta--layout-image-above elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"6dac723\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta\">\n\t\t\t\t\t<div class=\"elementor-cta__bg-wrapper\">\n\t\t\t\t<div class=\"elementor-cta__bg elementor-bg\" style=\"background-image: url(https:\/\/frankfurt-main-finance.com\/wp-content\/uploads\/2024\/06\/FireShot-Capture-022-assets.kpmg_.com_.png);\" role=\"img\" aria-label=\"FireShot Capture 022 - - assets.kpmg.com\"><\/div>\n\t\t\t\t<div class=\"elementor-cta__bg-overlay\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\t Quarterly KPMG SSM Insights Newsletter \u2013 May edition\t\t\t\t\t<\/h2>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<a class=\"elementor-cta__button elementor-button elementor-size-\" href=\"https:\/\/assets.kpmg.com\/content\/dam\/kpmg\/xx\/pdf\/2024\/05\/kpmg-ssm-insights-newsletter-may-2024.pdf\">\n\t\t\t\t\t\tDownload now \t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f910f56 elementor-widget elementor-widget-text-editor\" data-id=\"f910f56\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Source: <a href=\"https:\/\/kpmg.com\/xx\/en\/home\/insights\/2024\/05\/the-digital-euro-next-generation-banking-for-the-eurozone.html\">KPMG Insights May 2024<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b2a2ad1 elementor-widget-divider--view-line_icon elementor-view-default elementor-widget-divider--element-align-center elementor-widget elementor-widget-divider\" data-id=\"b2a2ad1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon elementor-divider__element\">\n\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" id=\"Ebene_1\" data-name=\"Ebene 1\" viewBox=\"0 0 146.56 128.39\"><defs><radialGradient id=\"Neues_Verlaufsfeld_1\" data-name=\"Neues Verlaufsfeld 1\" cx=\"46.19\" cy=\"101.83\" r=\"113.81\" gradientUnits=\"userSpaceOnUse\"><stop offset=\"0\" stop-color=\"#fff\"><\/stop><stop offset=\"0.11\" stop-color=\"#fdfdf3\"><\/stop><stop offset=\"0.3\" stop-color=\"#f8f8d4\"><\/stop><stop offset=\"0.56\" stop-color=\"#efefa1\"><\/stop><stop offset=\"0.87\" stop-color=\"#e3e35b\"><\/stop><stop offset=\"1\" stop-color=\"#ddde3a\"><\/stop><\/radialGradient><\/defs><g><path 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16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-share-btn__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__title\">\n\t\t\t\t\t\t\t\t\t\tTwitter\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_linkedin\" role=\"button\" tabindex=\"0\" aria-label=\"Share on linkedin\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fab-linkedin\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 32H31.9C14.3 32 0 46.5 0 64.3v383.4C0 465.5 14.3 480 31.9 480H416c17.6 0 32-14.5 32-32.3V64.3c0-17.8-14.4-32.3-32-32.3zM135.4 416H69V202.2h66.5V416zm-33.2-243c-21.3 0-38.5-17.3-38.5-38.5S80.9 96 102.2 96c21.2 0 38.5 17.3 38.5 38.5 0 21.3-17.2 38.5-38.5 38.5zm282.1 243h-66.4V312c0-24.8-.5-56.7-34.5-56.7-34.6 0-39.9 27-39.9 54.9V416h-66.4V202.2h63.7v29.2h.9c8.9-16.8 30.6-34.5 62.9-34.5 67.2 0 79.7 44.3 79.7 101.9V416z\"><\/path><\/svg>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-share-btn__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__title\">\n\t\t\t\t\t\t\t\t\t\tLinkedIn\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<div class=\"tmnf_excerpt\"><p>The ECB is pushing ahead with plans for the digital euro, while banks have to weigh up strategic challenges and opportunities. The latest insights from KPMG look at the developments and their potential impact on the banking world.<\/p>\n<\/div>","protected":false},"author":7,"featured_media":41995,"comment_status":"closed","ping_status":"open","sticky":false,"template":"template-fullwidth.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,210,2,105],"tags":[760],"class_list":{"0":"post-41953","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-news","9":"category-top-news","11":"tag-kpmg-insights"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-07-02 10:11:18","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/posts\/41953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/comments?post=41953"}],"version-history":[{"count":5,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/posts\/41953\/revisions"}],"predecessor-version":[{"id":41973,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/posts\/41953\/revisions\/41973"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/media\/41995"}],"wp:attachment":[{"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/media?parent=41953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/categories?post=41953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/frankfurt-main-finance.com\/en\/wp-json\/wp\/v2\/tags?post=41953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}