* * * As no doubt all of you joining me here today, we at the European Central Bank look with horror at the distressing reports from Ukraine. The human suffering and destruction we see in our part of the world remains difficult to fathom. Our hearts and minds are with the people of Ukraine.
The first risk is that being too ambitious could lead to a crowding out of private payment solutions and a potential disintermediation of the banking sector. The second is the risk of creating an unattractive product that would not be accepted by consumers and enterprises. In October 2021, the ECB launched what it refers to as the investigation phase of the project.