People could have full confidence in both the digital euro and cash, since they are both backed by a credible central bank. This is a unique feature that no private payment scheme can provide. Let me emphasise, once again, that a digital euro would not mean the end of cash. It would complement cash, not replace it.
Shin (2011), “Financial intermediaries and monetary economics”, in: B. M. Friedman and M. Woodford (eds. ), Handbook of Monetary Economics, Vol. 3A, Elsevier. 8  See, for instance, Maddaloni, A. and Jose-Luis Peydro (2011), “Bank risk-taking, securitisation, supervision, and low interest rates: Evidence from the Euro-area and the U.S. lending standards”, Review of Financial Studies, Vol. 24, No. 6.