ECB-公共和私营部门在数字欧元生态系统中的作用（英）-10正式版.doc

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1、Progress on the investigation phase of a digital euroThis report presents progress made during the investigation phase of the digital euro project and elaborates on the foundational design options that were recently endorsed by the Governing Council. As regards the design of the transfer mechanism u

2、sed to validate transactions, the Eurosystem will further explore a digital euro solution, in which transactions would be made online and would be validated by a third party, as well as a peer-to-peer validated solution for offline payments. The Eurosystem will explore options that could allow a dig

3、ital euro to replicate some cash-like features and enable greater privacy for low-value transactions. Consideration is also being given to incorporating limit and remuneration-based tools in the design of a digital euro to curb its use as a form of investment. Quantitative limits on the holdings of

4、individual users would limit individual take-up and the speed of deposit conversion, while remuneration-based tools could be calibrated to make large digital euro holdings above a certain threshold unattractive compared to other highly liquid and low-risk assets. In general, a number of further step

5、s would need to be taken before a digital euro could be introduced. In the first quarter of 2023, the European Commission will propose a regulation to establish the digital euro, which is expected to help achieve the digital euro objectives. The Eurosystem will continue to actively engage with a lar

6、ge number of stakeholders, including European policymakers, throughout the remainder of the investigation phase. In October 2023 the Governing Council could decide to start a realisation phase to develop and test technical solutions and business arrangements for a digital euro.The ECB and the euro a

7、rea national central banks launched the investigation phase of the digital euro project in October 2021.1 The investigation phase will last 24 months until October 2023 and aims to address key issues regarding design and distribution. This report provides an update on the progress made in the projec

8、t so far. At the end of the investigation phase the Governing Council could decide to start a realisation phase to develop and test technical solutions and business arrangements for a digital euro. The body in charge of steering the digital euro project is the High-Level Task Force on Central Bank D

9、igital Currency (HLTF-CBDC), which is composed of representatives from the ECB and the national central banks of the euro area.21 See “Digital Euro project governance & stakeholder management”, ECB, 2022.2 See “Designing a digital euro for the retail payments landscape of tomorrow”, ECB, 2021; and “

10、Digital Euro project governance & stakeholder management”, op. cit.A digital euro would be an electronic means of payment for retail payments, issued by the central bank and accessible to everyone in the euro area. It wouldnot replace cash but complement it by allowing central bank money (public mon

11、ey)to also be used in digital form.3A digital euro is a Eurosystem initiative, but it is also a common European project involving a very diverse set of stakeholders.4 A collaborative approach is key to the preparation and eventual success of a digital euro. There is active engagement with stakeholde

12、rs and with society at large. Major design issues and policy-relevant aspects are regularly discussed with the European Parliament and with euro area finance ministers in the Eurogroup. There also is close cooperation with the European Commission to review, at a technical level, a broad range of pol

13、icy, legal and technical questions.5 A regular dialogue on a digital euro has also been established with market stakeholders via the Euro Retail Payments Board (ERPB), so that all market participants, including banks, payment service providers, consumer representatives and merchants, can provide the

14、ir views on a digital euro.6 In the first quarter of 2023, the Commission will propose a regulation to establish a digital euro, which is expected to help achieve the digital euro objectives. The legal framework will also be key when it comes to privacy, which is one of the most important design fea

15、tures of a digital euro.Digital euro project timelineTentative - timing subject to changeThis report presents progress made during the investigation so far. The report first outlines the key objectives and use cases for a digital euro. It then elaborates on the foundational design options, including

16、 the transfer mechanism, online/offline3 The Eurosystems cash strategy aims to ensure that banknotes remain widely available and widely accepted as a competitive, reliable payment instrument and store of value that can be owned and used directly by all consumers. See “The Eurosystem cash strategy”.4

17、 Further information on stakeholder engagement is available on the ECBs website and in a letter of 14 July 2021 from Executive Board member Fabio Panetta to Irene Tinagli, Chair of the Committee on Economic and Monetary Affairs of the European Parliament, concerning the Governing Councils decision t

18、o launch the investigation phase of a digital euro.5 For more information, see “ECB intensifies technical work on digital euro with the European Commission”, press release, ECB, 19 January 2021.6 For more details on engagement with the ERPB, see the information on stakeholder engagement on the ECBs

19、website and “ERPB engagement in the digital euro investigation phase”, ERPB Secretariat, November 2021.Progress on the investigation phase of a digital euro2availability, privacy, and tools to control the amount of digital euro in circulation. These constitute the first set of design options approve

20、d by the Governing Council following engagement with stakeholders. Several further design options will be approved over the course of the investigation phase. At the end of the investigation phase, the overall design of a digital euro will be holistically reviewed. Finally, this report outlines the

21、main next steps in the digital euro project. Agreement on this first set of design options provides the necessary stability for the investigation to proceed with the analysis of further design choices. The approval of these initial design options does not prejudge the decision on moving to a realisa

22、tion phase, expected in October next year, nor the ultimate decision on whether to issue a digital euro.1A digital euro for what and for whomPayments are undergoing a potentially disruptive transformation as people are increasingly paying digitally instead of using cash. Cash cannot be used in e-com

23、merce, and many people also prefer to use cashless payments in physical stores.7 The trend towards making purchases online and towards contactless payments accelerated further during the coronavirus pandemic. Bringing central bank money into the digital era is a logical step as payments become incre

24、asingly digitalised.8A digital euro would preserve the role of public money as the anchor of the payments system in the digital age. It would ensure the smooth coexistence, convertibility and complementarity of the various forms that money takes. People need to have confidence that private money can

25、 always be converted into central bank money. By providing a monetary anchor, central bank money plays a key role in maintaining a well-functioning payment system, financial stability and, ultimately, trust in the currency. This in turn is a pre-condition for preserving the transmission of monetary

26、policy, and hence for protecting the value of money.A digital euro would also contribute to Europes strategic autonomy and economic efficiency by offering a European means of payment that could be used for any digital payment, would meet Europes societal objectives and would be based on a European i

27、nfrastructure. It would accompany the ongoing digital transition by leveraging synergies with the private sector. For instance, allowing intermediaries to offer innovative services based on the digital euro would make it easier for payment solutions to be quickly scaled up to cover the entire euro a

28、rea and for smaller firms to offer more technologically advanced services at competitive prices.7 For more information, see Study on the payment attitudes of consumers in the euro area (SPACE), ECB, December 2020.8 See “The case for a digital euro: key objectives and design considerations”, ECB, Jul

29、y 2022.Progress on the investigation phase of a digital euro3A set of use cases9 for a digital euro has been identified by examining whether a use case can support the policy objectives of a digital euro and targets an important market segment to facilitate network effects. Physical stores are the m

30、ost important market segment for digital payments, accounting for more than 40 billion transactions in the euro area in 2019.10 E-commerce payments are less numerous but are expected to continue to grow rapidly in the coming years. In addition to the size of these segments, it is noteworthy that the

31、y are served by a multitude of payment solutions, often with only domestic reach, and have so far been dominated by non-European providers and technologies. Thus, the introduction of a digital euro could potentially contribute to more harmonisation of payment solutions and strengthen European strate

32、gic autonomy (two policy objectives). Moreover, in the future, digital solutions for person-to-person payments could also make this an increasingly relevant market segment for a digital euro.Given their importance now and in the future, payments in e-commerce and physical stores, as well as person-t

33、o-person payments, are natural candidates for prioritisation among the possible use cases of a digital euro.11 The digital euro could also be used for payments between governments and individuals, for example to pay out public welfare allowances or to pay taxes. Focusing on these payment segments fi

34、rst does not mean closing the door to new trends and emerging needs. Emerging use cases will be monitored with a view to potential coverage in subsequent releases. Machine-initiated payments are monitored in an open manner, also taking into account that the European private sector may develop soluti

35、ons in this regard.9 Each digital euro “use case” describes a payment segment that a digital euro could serve. For instance, digital euro could be used by individuals to pay other individuals (person to person, P2P), to pay e-retailers for online purchases (e-commerce) or for purchases made in a phy

36、sical shop (point of sale, POS). Digital euro could also be used by businesses to pay individuals (business to person, B2P) or to pay other businesses (business to business, B2B). Finally, digital euro could be used for payments to/from government (e.g. to pay tax or receive welfare payments) or for

37、 machine-initiated payments (i.e. fully automated payments initiated by a device or software based on predetermined conditions).10 For further information, see “Global Payments 2021: All in for Growth”, Boston Consulting Group, October 2021; “7 B2B Ecommerce Trends You Need to Follow for 2022 and Be

38、yond”; BigCommerce, 2021; “Shift of cash to debit card continues”, De Nederlandsche Bank, April 2020; Study on the payment attitudes of consumers in the euro area (SPACE), op. cit.; “Ecommerce sales in Western Europe beat expectations”, eMarketer, September 2021; “E-commerce statistics for individua

39、ls”, Eurostat, 2022; “How e-commerce share of retail soared across the globe: A look at eight countries”, McKinsey, March 2021; “Is E-commerce good for Europe?”, Oliver Wyman, 2021; “Cash is losing ground”, Sveriges Riksbank, October 2020; and “The transformation of the European payments landscape”,

40、 SWIFT, October 2018.11 See also Panetta, F., “A digital euro that serves the needs of the public: striking the right balance”, introductory statement at the Committee on Economic and Monetary Affairs of the European Parliament, Brussels, 30 March 2022.Progress on the investigation phase of a digita

41、l euro4Prioritisation of use casesNote: The arrows indicate the future relevance of the use cases (e.g. person-to-person payments are expected to become a moreimportant market segment in the future).2Foundational design options2.1Transfer mechanismThe Eurosystem has carefully investigated how to des

42、ign the transfermechanism used to validate transactions.12 The Governing Council approvedfurther exploration by the Eurosystem of a digital euro solution in which transactionswould be made online and would be validated by a third party (“online third-partyvalidated solution”). The Governing Council

43、also approved the continued exploration of a peer-to-peer validated solution for offline payments (“offline peer-to-peer validated solution”). A potential peer-to-peer validated solution for online payments with no third party involved is a more experimental alternative. While it deserves monitoring

44、, it does not warrant further dedicated analysis in the investigation phase.12 See Panetta, F., “The digital euro and the evolution of the financial system”, introductory statement at the Committee on Economic and Monetary Affairs of the European Parliament, Brussels, 15 June 2022.Progress on the in

45、vestigation phase of a digital euro5Core elements of the three optionsThe Governing Council approved the pursuit of an online third-party validated solution as part of the first digital euro release. This covers the broadest set of high-level use cases, is considered to be able to support Eurosystem

46、 policy objectives, and leaves room for flexibility in other design decisions related to the digital euro. However, it will be important to further investigate solutions to increase its resilience to connectivity outages.It has also been concluded that an offline peer-to-peer validated solution shou

47、ld be developed. However, the time to market for this solution is more uncertain because of its dependence on technological innovation, regulatory changes and security risk tolerance. The development of a third-party validated solution for online payments should not be delayed in case the timely del

48、ivery of a peer-to-peer validated solution for offline payments proves to be unfeasible.2.2PrivacyPrivacy is one of the most important design features of a digital euro, and designing a digital euro that respects the right to privacy is required by law.13 In a public consultation conducted by the ECB in 2020, 43% of respondents ranked privacy as the most important aspect of the digital euro (well ahead of other features) in orde