Overview
- Italy’s banking association endorsed the project but asked the ECB to phase in banks’ implementation spending because the outlays are “very high.”
- The ECB advanced the initiative to its next phase after a two-year preparation period, with key dates hinging on the European legislative calendar.
- ABI promoted a twin setup in which a central bank digital euro coexists with commercial bank digital currencies to preserve private-sector innovation.
- Some major French and German lenders oppose the plan, warning that use of an ECB wallet for daily payments could drain deposits from commercial banks.
- Lawmakers are considering design safeguards and scaled-down options, including MEP Fernando Navarrete’s proposal to protect private payment schemes such as Wero.