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A central-bank digital currency would allow euro-area residents to place deposits with the ECB directly. That’s typically only an option for commercial lenders, governments and other central banks. That has implications for monetary policy and financial stability.
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“Our role is to secure trust in money,” President Christine Lagarde said as the ECB published a study into the benefits and drawbacks of a digital currency. “This means making sure the euro is fit for the digital age. We should be prepared to issue a digital euro, should the need arise.”
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