The digital euro will remain the center of the "common currency"

Monday, May 16, 2022 – 10:43

ECB, Panetta: Digital euro will remain the “common currency” hub

This will ensure that everyone has a secure and reliable digital payment system

ROME, May 16 (askanews) – The economy includes “public” currencies, central bank currencies, including cash, and “private” currencies in various electronic payments, said Fabio Panetta, a member of the ECB Executive Committee. Payment systems are responsible. “The central bank’s digital currencies will allow public money to continue to play its role in maintaining the stability of payment systems and contributing to their efficiency,” he told a conference hosted by the National College of Ireland.

“Private money will add newness and diversity to this foundation. Public-private partnerships can continue to be a win-win situation – he continued – perhaps in the digital age. ”

According to Panetta, the use of money as a payment system has fallen from 35% to 20% in the last 15 years, while the use of other electronic payment systems has increased, with some segments “fewer players having dominant roles”. This trend can be emphasized by the development of larger technologies. “We can not allow public money to be sidelined,” he warned.

In his speech he suggested this distinction between the concepts of “public money” and “private money”, which is quite clear. He went on to say, “The digital currency issued by the Central Bank offers everyone the opportunity to use public money in digital payments. This is a solid, reliable and public interest payment method. It will protect – he insisted – the co-operation of sovereign money and private money, which has so far served us well “.