Question 14121 — means of payment

Summary

Mr. Stéphane Travert draws the attention of the Minister of the Economy, Finance and Industrial, Energy and Digital Sovereignty to the risks that the introduction of a digital retail euro could represent, as provided for by the draft regulation approved by the Ecofin Council on December 19, 2025. Indeed, this system raises numerous questions regarding its consequences on financial stability and financing. of the European economy. On the one hand, the digital retail euro could weaken the principle of the unity of money, by accentuating the distinction between central bank money and commercial money. In this context, the question arises of the behavior of citizens, particularly in times of crisis, when faced with a commercial currency whose fiduciary character would be more exposed. Furthermore, the establishment of a holding ceiling inherent to the very design of the digital euro raises questions. Historically, limitations on access to central bank money have only been introduced in contexts of major crisis, in order to prevent financial imbalances. The fact that this ceiling is envisaged in normal times seems to reflect an implicit recognition of the risks that this instrument could generate for the stability of the financial system. On the other hand, the digital retail euro could significantly affect the financing of the economy. In fact, the deposits transferred to the central bank would no longer be available in the balance sheets of commercial banks, thus reducing their capacity to finance businesses and households. Under these conditions, banking establishments would be forced to resort to alternative sources of financing, in particular from the European Central Bank or via the markets, which would lead to an increase in the cost of credit for businesses and individuals. Also, he asks what the Government's analyzes are on these risks and what guarantees it intends to provide in order to preserve both financial stability and the financing conditions of the economy within the framework of the retail digital euro project.

Machine translation from French. The official text remains authoritative.

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