The fact that a digital euro would be very liquid may lead to foreign investors using it disproportionately and rebalancing much more forcefully into or away from it in response to shocks. Indeed, recent research suggests that, in the presence of a CBDC, shocks could result in greater exchange rate fluctuations and have a stronger effect on foreign financial conditions.
This, in turn, could force foreign central banks to become more responsive to international spillovers. [23]  https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210210~a1665d3188.en.html  7/14  10/02/2021  Evolution or revolution?