ContextSpeech at the CEPR-ECB conference in Frankfurt on central bank digital currencies; the Bank of Italy safeguards stability and supports preparing a digital euro.
Why it mattersPanetta argues that not issuing a digital euro would leave Europe dependent on foreign payment firms.
Problems raised
Europe relies heavily on foreign private payment providers.
Without public digital money, cash use will keep declining.
Monetary sovereignty could be weakened.
Solutions proposed
Issue a digital euro as a public digital means of payment.
Design it to complement rather than replace bank deposits.
