Privately issued forms of digital money, like the stablecoins I just mentioned, are not, in my view, an adequate solution for future needs. It is essential that payments continue to be denominated in euro going forward. This is not just a question of monetary sovereignty, but also of efficiency and transaction costs.
The answer could be commercial bank money issued by credit institutions, but also central bank money. And it might also be stablecoins, if properly regulated and – in Europe – pegged to the euro. 4  But why choose digital central bank money? Looking to the future, we will have to monitor current trends, i.e.