Transforming Payments and Rethinking Currency

Fabio Panetta, Member of the Executive Board of the ECB, delivered a speech at the Deutsche Bundesbank conference on the “Future of Payments in Europe”. He highlighted the importance of retail payments in our daily lives and for the economy, with adults in the euro area making an average of two payments per day last year. The Eurosystem’s objectives in the area of retail payments are to ensure access to efficient payment solutions and to maintain transaction safety. Technological innovation is changing the policy implications of these objectives, and Panetta presented the Eurosystem’s strategy for empowering Europeans with efficient, inclusive, and secure payments in the digital age. He emphasized the need to reinvent sovereign money to adapt to the impending revolution in payments.

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