Exploring the Future of European Payments in the Digital Era

Fabio Panetta, Member of the Executive Board of the ECB, delivered a keynote speech at the ECB Conference on the new horizon for pan-European payments and the digital euro. He highlighted the importance of payments in our daily lives and the need for central banks to ensure the smooth functioning of payment systems. Panetta discussed the transformation taking place in the payments landscape driven by digital technologies and the demand for new forms of payment. He emphasized the need for European authorities to respond to the changing payments landscape to ensure that payments remain safe, efficient, and inclusive. Panetta identified three trends shaping the payments landscape: evolving preferences of consumers and businesses, the evolving structure of the payments market, and the increased risks associated with dependence on foreign payment instruments and technologies. He outlined the Eurosystem’s response to these trends, including the continued provision of cash, the retail payments strategy to foster competition and innovation, oversight of electronic payment instruments, and the exploration of a digital euro. Panetta stressed the importance of European authorities being attentive and ready to respond to the ongoing transformation of the payments landscape to ensure a resilient and innovative European payments market.

Read more