The EU is in a crucial moment in theevolution of payments cross -border. He remembered it Piero Cipollonemember of the ECB Executive Committee, on the occasion of a meeting with the governors of the central banks, to which he recalled that “the current geopolitical panorama threatens to fragment the systems of global payment, potentially leading to inefficiencies and reduced transparency “.
In recent decades, the world has witnessed a significant increase in cross -border payments, led by the globalization of trade, capital and migratory flows. The i Transfrontier payments flows they will double until they reach the 268 trillion of euros by 2030.
Despite this significant expansion and improvements deriving from international efforts, international payments remain too often prohibitive and inefficient. This has created a void that alternative operators, in particular in the sector of cryptocurrencythey are anxious to fill. However, many of these solutions involve risks significant that they cannot be neglected. The unsecured cryptocurrencies, for example, are highly volatile and speculative, creating risks for families and businesses.
The separate system for European integration
Cipollone highlighted the role of separate systemthe single area of payments in euros, explaining that significantly reduces costs transactions, which otherwise could prove to be 12 times higher than those practiced within the separation. This underlines the importance of expanding the separation, to reduce costs, guide it economic development and guarantee integration.
But the possibility of reducing costs on transfrontier operations is also important for other economies, since growing geopolitical tensions have stimulated initiatives for Create alternatives to existing global infrastructures. This could lead to the fragmentation of the global financial system in multiple and non -communicating blocks, which would further hinder the efficiency of cross -border payments and would contribute to the fragmentation of trade and investments.
From Stablecoin to digital euro
The emergence of the stablecointhat the United States intend to promote all over the world to maintain the global dominance of the dollar – explains Cipollone – involves his risksincluding the attempt to replace official currencies to reach one “Digital dollarization”, In light of the fact that 99% of Stablecoins are called dollars. This would compromise the effectiveness of internal monetary policy and increase i Risks for financial stabilityamplifying the capital deceased in response to negative shock.
But The EU is responding proactively To these challenges, on the one hand, trying to exploit the potential of rapid payment systems to improve efficiency and reduce costs, on the other, studying the creation of a digital euro.
The interconnection of rapid payment systems It allows you to overcome fragmentation and extend the advantages of digitization to cross -border payments, reducing costs, increasing the speed and transparency of cross -border payments and shortening transactions. Of it is the example the Target Payment Settlement Target Service (Tips), whose fundamental feature is to be one Multivaluta platformwhich operates inside the SEPA Instant Credit Transfer scheme, governed by rules, standard and uniform protocols, avoiding the risk of fragmentation.
The second initiative that the EU is exploring is the creation of a digital euro and its use in third countries. A digital euro would be a digital currency of the central bank, an electronic equivalent of cash. It would work both online and offline in stores or when you make transactions between people, but its possible international use is also being studied.
A guarantee of currency sovereignty
The digital euro in third countries would come gradually introduced and with the appropriate guarantees to ensure that the replacement of the currency is mainly used as a means of payment and not food. In addition, the design of the digital euro includes enabling functionality multivaluta similar to those of the tips.
In practice, the countries not belonging to the euro area could Use the digital euro infrastructure to change your currencies digital, facilitating transactions internationally and acting as a platform for innovation in transfrontier payments. In doing so, it could facilitate payments and cross -border remittances, making them more efficient and convenient.