Important speech by C. Lagarde on digital payments. On central bank digital currency, the ECB President quotes the great Rudi Dornbusch: “in economics, things take longer to happen than you think they will, then happen faster than you thought they could.”
We are exploring the benefits and risks of a central bank digital currency. The Eurosystem has not made a decision whether to introduce a digital euro and will continue to ensure that all citizens have access to banknotes at all times. Read the speech 3/3
Christine Lagarde: "Introducing a digital euro would allow the Eurosystem to be at the cutting edge of innovation"
I will always be a week behind in #cbdc reading. But this passage from Lagarde is pretty direct right?
Cash is still king! "...,[3] cash remains the most common way of making small retail payments, ... 73% of all physical retail payments in 2019. But almost half of consumers said they prefer to pay digitally, & this increased further during the pandemic.”