But, while some hail such a CBDC as the next logical step, it is not an end in itself, and others point to a “lack of a concrete ‘business case’” at present. [2] https://www.bundesbank.de/en/press/speeches/shaping-the-future-challenges-in-the-european-payments-market-851850  2/9  01/12/2020  Shaping the future – Challenges in the European payments market | Deutsche Bundesbank  When considering the issuance of a digital currency – or, in the case of the Eurosystem, a digital euro – central banks must ask two questions: First, what purpose is the new form of money supposed to serve?
Such regulation needs to prevent a recurrence of the excesses witnessed in financial markets and must impose a much more stability-oriented perspective. The Financial Stability Forum has already identified the key avenues for reform.