complement—a digital euro—becomes increasingly necessary. Accordingly, the article concludes that the ECB is both entitled and … obliged de lege lata to issue a digital euro on the basis of Article 128 TFEU. It further explains that neither tangible cash … nor a digital euro can simultaneously be used as instruments in themselves to maintain price stability …

Euro initiatives, such as the Libra stablecoin, and CBDCs, on banks. We find that both Libra and a Euro CBDC might heavily … to develop new business models stemming from these initiatives. Therefore, Libra and a CBDC Euro should not only be seen …

In this paper, we analyze the volume of euro banknotes issued by Germany within the euro area with several seasonal … methods. We draw a distinction between movements within Germany, circulation outside Germany but within the euro area and … demand from non-euroarea countries. Our approach suggests that only about 20% of euro notes issued by Germany are used for …

According to estimates using the seasonal method, the volume of euro coins held for transaction purposes in Germany in … Bundesbank) euro coins in circulation. 76% of the total volume of coins held for transaction purposes was accounted for by €1 and … abroad German euro coins are, on balance, only held outside the euro area. There they are being hoarded on a permanent basis …

In this paper, we analyze the volume of euro banknotes issued by Germany within the euro area with several seasonal … methods. We draw a distinction between movements within Germany, circulation outside Germany but within the euro area and … demand from non-euroarea countries. Our approach suggests that only about 20% of euro notes issued by Germany are used for …

A digital euro would provide the general public with an additional means of payment in the form of risk-free central … bank money in digital form that is universally accepted for digital payments across the euro area. A digital euro would … strategic autonomy and monetary sovereignty of the euro area in the digital era. It would be designed to have no material impact …

In July 2021 the Eurosystem decided to launch the investigation phase of the digital euro project, which aims to … provide euro area citizens with access to central bank money in an increasingly digitalised world. While a digital euro could … of uncertainty surrounding the design of a potential digital euro, its demand and the prevailing environment in which it …

This article provides a timely update on central bank digital currencies and the digital euro in the wake of the new … Stockpile on the one hand, and ban central bank digital currencies on the other. How are the plans for a digital euro, in turn …, proceeding? What are the opportunities and challenges of a digital euro for the monetary union in light of these radical changes …