Piero Cipollone: Shaping the future of money
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Speech by Piero Cipollone in Tirana on the future of money. He presents the Eurosystem's payments strategy and four initiatives: banknote modernisation, the digital euro, settlement of tokenised assets in central bank money and the interlinking of instant payment systems.
Key points
- Four objectives of the payments strategy: settlement in central bank money, strategic autonomy, an integrated and innovative ecosystem and the international role of the euro
- Several Western Balkan countries, including Albania, are already in SEPA; a TIPS clone developed by the Banca d'Italia operates in Bosnia and Herzegovina and Montenegro and will reach Albania, Kosovo and North Macedonia
- He defends cash as a means of payment that is resilient to cyber risks and system outages
Who is affected
Payment infrastructures, Western Balkan banks, payment service providers
Plain-language version
Piero Cipollone of the ECB (the euro area's central bank) sets out plans for the future of money: new banknotes, the digital euro (an electronic version of cash), settling trades in digital assets with central bank money, and linking instant payment systems across countries. He also defends cash, because it keeps working during cyberattacks or IT outages. The aim is for Europe to rely less on outside players.
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