数字欧元：我们的现状与未来展望

European Banking Federation Member of the Executive Board of the ECB Where we stand and what lies ahead We aim to be ready for a potential first issuance of the digital euro during 2029.This is based on a working assumption that the EU co-legislators will adopt the Regulation on theestablishment of the digital euro in the course of 2026. Use of digital euro holdingsfor day-to-day payments– even under highlyunlikely, very conservative scenario –would not harm financial stability 3In stress scenario:At individual bank-level, with €3,000 holding limit,only 9 out of 2,025banks- representing0.1% of total banking sector assets- would be atrisk of depleting their liquidity buffers (LCR) below the 100% level Fit of the digitaleuro in the Banks and payment serviceproviders (PSPs) at the heart of Intensive ongoing stakeholder engagementDigital euro project conducted more than year-long FitE* market consultation in ERPB** Synergies EU-licensed payment service providers (PSPs) will be at the core of •Critical role for banks:banks will play a key rolein digital euro distribution. •Preserving customer relationships andpreventing disintermediation:customers will be •Robust safeguards: holding limits, noremuneration, (reverse) waterfall functionality and •Fair compensation:banks will be compensatedfor their role in distribution, in recognition of their •Synergies: 1) standardised acceptance networkand 2) co-badging. Digital euro compensation model Three key elements: Issuing and acquiring banks do not payscheme and processing fees Merchant service chargeis capped Inter-PSP feeis capped