欧洲央行-应对数字化和碎片化的中央银行货币现代化（英）-2025.6_6页_981kb

ECB Modernization of Central Bank Money

• Background and Challenges: The Eurosystem aims to modernize central bank money in response to digitalization and fragmentation in payments and finance. Key challenges include the lack of a unified European payment solution, reduced cash use, increased external dependencies, and geopolitical risks from global financial fragmentation.

• Main Areas of Focus:

  • Digital Euro: To enhance everyday convenience, enable pan-European digital payments with open standards, and strengthen Europe's strategic autonomy.
  • New Technologies for Wholesale Settlement: DLT and tokenization can improve efficiency in trading, settlement, and custody; the Eurosystem is exploring interoperability with TARGET Services for DLT-based transactions.
  • Cross-Border Interlinking: Initiatives like multi-currency instant payments (TIPS) and global cross-border payment improvements aim to simplify transactions and interlink with international systems, driven by G20 objectives.

Summary: The ECB is pushing for a digital euro to address fragmentation and digitalization, focusing on innovation in wholesale payments and cross-border finance for greater autonomy and efficiency.