9. This would be the case for an offline bearer digital euro, where the payer and payee would be responsible for verifying any transfer of value between them, as is the case for cash payments. 10. See the appendix for details. 11.
No financial institution can survive, let alone thrive, on its own. No bank can do without the complex web of financial market infrastructures that underpins its day-to-day business. No bank, therefore, must underestimate the associated risks. In particular, no bank must underestimate the IT risks, which include cyber risks. In the worst case, a single hack could compromise the entire system.