Germany’s economy is already heavily involved in exploring the possibilities and opportunities of a Digital Euro. The majority of businesses are convinced that they can benefit from the digital currency, but they need the support of banks for this.

From a business perspective, there are also political reasons for the introduction of this currency innovation: 87% believe that a Digital Euro will help secure European values. This was the result of a survey conducted last year by the financial services consulting firm Cofinpro. However, the German banking industry does not seem to support this valid and forward-thinking perspective of the business community.

German banking industry at hearing in the Bundestag – „Digital Euro must create added value“ The German banking industry (DK) played a significant role in the debate surrounding the Digital Euro during a public hearing of the Finance Committee of the Bundestag. While it is important to establish a digital central bank currency for Europe, it must offer clear added value for people. According to Prof. Dr. Ulrich Reuter, President of the German Savings Banks Association, who currently leads the DK, this is not the case.

Reuter emphasized the recognized potential of the Digital Euro as a progressive, sovereign currency and means of payment. However, he also highlighted the existing concerns of the banking industry: a Digital Euro can only be effective if it gains the trust of the population. „It makes no sense for the government to invest in something that already exists in the private sector. The Digital Euro must fit into the existing payment landscape,“ Reuter said.

Banks are concerned about their money monopoly! Ultimately, a shift from bank money to central bank money threatens financial market stability in Europe – a concern shared by the ECB and the EU Commission. Reuter stated, „These risks must be discussed beforehand. If the limit is set at a few hundred euros, the danger to financial market stability would be manageable. Most people also carry this much cash in their wallet.“

Therefore, the German banking industry is advocating for a democratic discourse on the Digital Euro. They are involved in shaping the rules of the ECB and hope to intensify exchanges. The goal is to work together to ensure that the competitiveness of the payment industry in the EU is not affected by the Digital Euro.

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