[19] You asked for more details on these principles in previous hearings, so I will share our thoughts on them now. Ultimately, however, the decision on the regulatory framework for fees is primarily a matter for you, as European legislators. The first principle is that, as a public good, the digital euro should serve society.
Only between 10% and 25% of all risks are shared by a common fiscal policy in federations like the US or Canada.5 It is thus clear that much could be achieved in the euro area if cross-border corporate funding were strengthened, particularly in the form of equity capital. A raft of measures would be needed to tear down the walls in European capital markets.