应对数字化和碎片化的中央银行货币现代化

Modernisingcentralbankmoneyinresponsetodigitalisationandfragmentation OsservatorioBancaImpresa2030 16June2025 PieroCipollone MemberoftheExecutiveBoardoftheECB Currentchallenges TheEurosystemaimstomodernisecentralbankmoneyinresponsetothetransformationtakingplaceinpaymentsandfinance. Digitalisation •Digitalisationisreducingtheroleofcash,increasingourexternaldependencies •Tokenisationanddistributedledgertechnology(DLT)couldtransformfinancialtransactions Fragmentation •NoEuropeanpaymentsolutionallowsdigitalpaymentsthroughouttheeuroarea •Newsettlementassetscouldreintroducefragmentationandcreditrisk •Geopoliticaltensionsareincreasingtheriskoffragmentationintheglobalfinancialsystem 2www.ecb.europa.eu© Ourmainareasoffocus InternallegExternalleg DigitaleuroNewtechnologiesforsettlementofwholesale transactions Cross-borderinterlinking 3www.ecb.europa.eu©