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Deutsche Börse CEO Advocates for Digital Euro and EU Financial Reforms

Stephan Leithner, CEO of Deutsche Börse, proposes a 10-step strategy to transform the EU's Capital Markets Union, emphasizing the importance of a digital euro for financial independence and innovation.
Published on 2025-02-17

Deutsche Börse CEO Pushes for Digital Euro and EU Financial Reforms

Stephan Leithner, CEO of Deutsche Börse, has called for significant financial reforms in the European Union, highlighting the importance of introducing a central bank digital currency (CBDC), specifically a permanent digital euro. This initiative aims to strengthen the EU's financial independence and competitiveness in the global economy.

Proposed 10-Step Strategy for EU Financial Transformation

In a policy paper released on February 15, Leithner outlined a comprehensive 10-step strategy to evolve the EU's Capital Markets Union (CMU) into a Savings and Investments Union (SIU). Central to this transformation is the establishment of a digital euro, which Leithner believes will serve as a strategic asset for the EU, enhancing its policy framework and leadership in digital innovation.

The Role of the Digital Euro in EU's Financial Strategy

Leithner emphasized the need for collaboration between the European Central Bank (ECB) and national central banks to integrate the digital euro effectively into the capital markets ecosystem. He also highlighted the importance of technological advancements in "cash on ledger" or "programmable payments" systems to ensure seamless integration with existing payment systems. A CBDC would not only streamline financial transactions but also bolster the EU's economic sovereignty.

Aligning Regulatory Frameworks for Global Competitiveness

The CEO stressed the need to align key regulatory frameworks within the EU, such as the Markets in Crypto-Assets Regulation (MiCA), the AI Act, and the Digital Operational Resilience Act (DORA). By doing so, the euro could gain a competitive advantage globally, reducing the influence of the US dollar on Europe's financial landscape.

Standard Chartered's Move into EU Crypto Market

In related news, Standard Chartered announced plans to establish a new Luxembourg-based entity focused on crypto and digital asset custody services. The bank's crypto services in the EU will initially cover Bitcoin and Ether, with plans to expand its offerings in 2025, according to Waqar Chaudry, head of digital assets at Standard Chartered.

Conclusion

While Leithner's policy paper did not delve into the technical implementation or regulatory framework required for the digital euro, it underscored the importance of this initiative for enhancing the EU's financial stability, competitiveness, and innovation. The proposed digital euro is seen as a critical tool for the EU's future economic success.

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