This share prices have a 15 minute delay and are shown in the local time of the market in which the quote is displayed.
Digital Euro and payments´ s privacy
Interview with Fabio Panetta, Member of the Executive Board of the European Central Bank, published by the Financial Times about how the works on the Digital Euro are progressing and many other details and implications from its future issuance. For instance, how to find the right balance between people’s interest in digital euro privacy and the necessary checks to make sure that it’s not used for money laundering, tax evasion, etc.
Finding the right balance between people’s interest in digital euro privacy and still do all the necessary checks to make sure that it’s not used for money laundering, tax evasion or other illicit transactions is one of the main concerns revealed by the recent public consultation carried out by the ECB on this theme. During the FT´s interview, Fabio Panetta explains how this concern could be solved by the Digital Euro:
- Central Banks are not interested in monetizing the data of users in digital payments and therefore privacy is going to be better protected. Contrary to private companies, ECB has no commercial interest in storing, managing or monetizing the data of users of a digital means of payment. The ECB is not “a profit-maximizing institution” and the digital euro is in the interest of citizens.
- How the ECB could protect confidential data while allowing the checks foreseen by law to avoid illicit transactions?
‑ Using cryptographic codes, segregating the data between the payer, the payee and the payment operator in a way that codes are not known by them.
‑ Making possible offline payments for small amounts, in which no data are recorded outside the wallets of the payer and payee.
‑ Technology will also allow the payment reconstruction ex post if the police wants to assess whether there’s been any illicit activity. As Fabio Panetta says “in general, confidentiality and privacy are different from anonymity” and remind us “that citizens will still be able to use cash, which guarantees anonymity” and ECB priority is that people feel safe about how their data are used when in Euro digital transactions setting up governance structures to avoid any possible abuse of data.
Regarding the future role of banks in relation to the digital euro, Fabio Panetta explains that the intention of the digital euro is not to change the structure of the financial system: “Banks already provide citizens with a large number of services, and in the future they would add access to the digital euro as one additional service” in the same way they’re already providing access to cash.
Filter results
According to the OECD. SMEs and start-ups that grow rapidly contribute significantly to job creation, economic growth and competitiveness. Indeed, SMEs that grow by one-third over a three-year period, contribute about as much to job creation as large firms.
According to @McKinsey, banks must prepare for a new growth curve. Strategic precision —the ability to combine technology, capital discipline, and deep customer insight— will distinguish the leaders from the laggards.
According to Kristalina Georgeva IMF Managing Director, lifting growth requires three things: one, regulatory housecleaning to unleash private enterprise; two, deeper regional integration; and three, preparedness to harness AI.
According to The European House – Ambrosetti, the European Union has an opportunity to boost competitiveness and growth by simplifying regulatory and supervisory frameworks, particularly in the areas of sustainability and the financial sector.
According to Ramón Casilda Béjar, Spain, in today’s complex geopolitical landscape, has the opportunity to strengthen its role as a bridge and connecting country between Ibero-America and the European Union, revitalizing investment flows in both directions.
According to @ECB, in moments of acute stress, the public often turns to physical currency as a reliable store of value and a resilient means of payment, underscoring the crucial role it plays above and beyond everyday transactional convenience
According to Juan S. Mora-Sanguinetti, in Spain a 10% increase in regulatory volume leads to a 0.5% drop in employment in companies with fewer than 10 employees.
According to Hélène Rey “In a world where stablecoins, particularly those pegged to the dollar, become an important global payment tool, we must brace ourselves for substantial consequences”.
@judith_arnal proposes reforms for the EU to advance regulatory simplification, starting with consensus on its meaning, with competitiveness as a pillar, plus coordination mechanisms and a governance rethink.
According to @iee_org, Spain has one of the most demanding tax environments for businesses within the European and international context, which may have significant implications for competitiveness, foreign investment attraction, and business expansion.
According to Christine Lagarde for the euro to gain in status, Europe must take decisive steps by completing the single market, reducing regulatory burdens and building a robust capital markets union.
According to the Bank of Spain, in a context of strong growth in transactions and prices, the conditions under which new mortgage loans are granted currently show no signs of easing in lending standards.