歐洲央行執行委員會成員Piero Cipollone在法國支付論壇活動“數字歐元和歐洲付款未來”的演講

歐洲央行執行委員會成員Piero Cipollone的講話在法國支付論壇活動“數字歐元和歐洲付款未來”的演講。

The France Payments Forum event “Digital euro and the future of payments in Europe”

法國付款論壇活動“數字歐元和歐洲付款未來”

Paris, 15 May 2025

巴黎，2025年5月15日

Good morning everyone.

大家早上好。

It is a pleasure to be joining you today at France Payments Forum's event on the digital euro and the future of payments in Europe.

很高興今天與您一起參加法國付款論壇的數字歐元和歐洲付款未來的活動。

Most people associate the adoption of the euro with the launch of euro banknotes and coins. While the euro was introduced for accounting purposes in 1999, we tend to feel it only became our money three years later once we started paying in euro cash around Europe. Euro banknotes and coins made the currency the tangible symbol of a united Europe.

大多數人將歐元的採用與歐元鈔票和硬幣的推出相關聯。雖然1999年出於會計目的而引入了歐元，但我們傾向於覺得只有三年後，一旦我們開始以歐洲各地的歐元現金支付，才成為我們的錢。歐洲鈔票和硬幣使該貨幣成為歐洲聯合歐洲的切實象徵。

A strong currency also comes in tandem with strong payment systems. We at the central bank offer payment infrastructures that form the plumbing of the financial system. Less visible than banknotes and coins, these infrastructures are nevertheless key to our monetary and financial integration.

強勁的貨幣也與強大的支付系統同步。我們在中央銀行提供構成金融體繫管道的付款基礎設施。這些基礎設施不如鈔票和硬幣可見，但仍然是我們貨幣和財務整合的關鍵。

Retail and wholesale payments are hence an integral part of our tasks at the central bank. We issue cash, supply reserves – the ultimate liquid asset – to banks and operate payment systems, thereby supporting our economy by enabling euro area transactions that are secure, risk-free and European. This is what preserves our economic stability and our monetary sovereignty.

因此，零售和批發付款是我們在中央銀行任務不可或缺的一部分。我們向銀行和運營支付系統頒發現金，供應儲量（供應儲量（最終）流動資產，從而通過啟用安全，無風險和歐洲的歐元區交易來支持我們的經濟。這就是維護我們的經濟穩定和貨幣主權的原因。

Building on this reliable base, private sector firms can then offer their own solutions, without their customers having to worry about the money they use. One euro is one euro, because private money can be converted to cash at all times and because financial transactions can be settled in central bank money – the only risk-free asset there is.

在這個可靠的基礎上，私營部門公司可以提供自己的解決方案，而不必擔心他們使用的錢。一歐元是一歐元，因為私人貨幣可以始終轉換為現金，而且金融交易可以以中央銀行的貨幣解決 - 唯一的無風險資產。

So today, I want to focus on how we can make our currency future-proof and enhance the integration, competitiveness and resilience of European payments in the digital era.

因此，今天，我想專注於如何使我們的貨幣防止未來，並增強數字時代歐洲付款的融合，競爭力和韌性。

As people increasingly prefer to pay digitally and online commerce expands, the role of cash as a universal payment solution is declining. We thus risk being left without a European solution that allows us to pay throughout the euro area in all situations. To restore the central role of cash, we need to complement physical cash with its digital equivalent, a digital euro. Making central bank money available in digital form might seem like a small and obvious step, but it is in fact an essential one for overcoming the entrenched and longstanding fragmentation of our payment market. The digital euro will achieve this directly by modernising the supply of public money and indirectly through its infrastructure and acceptance network, which private payment service providers can leverage to expand and innovate on a European scale. Ultimately, a digital euro will enhance the competitiveness of European providers and their ability to offer all types of digital payments to European consumers.

隨著人們越來越喜歡以數字方式支付和在線商務的擴大，現金作為通用支付解決方案的作用正在下降。因此，我們冒著沒有歐洲解決方案而被留下的，在所有情況下都可以在整個歐元區付款。為了恢復現金的核心作用，我們需要用其數字當量的數字歐元來補充實物現金。以數字形式出售中央銀行似乎是一個小而明顯的一步，但實際上，這對於克服我們支付市場的根深蒂固且長期存在的分裂是必不可少的。數字歐元將通過其基礎架構和接受網絡間接地對公共資金的供應進行現代化，直接實現這一目標，私人支付服務提供商可以利用這些網絡來擴展和創新，以歐洲的規模進行擴展和創新。最終，數字歐元將增強歐洲提供商的競爭力及其向歐洲消費者提供各種數字支付的能力。

The situation is different for wholesale financial transactions as we already offer settlement in digital central bank money and do not face the same dependencies. However, market participants increasingly expect that tokenisation and distributed ledger technology (DLT) will transform financial transactions by enabling assets to be issued or represented as digital tokens. We are currently expanding our initiative to settle DLT-based transactions in central bank money. By making central bank money available, we avoid the risk of other settlement assets being used, such as US dollar stablecoins, which would reintroduce credit risk, fragmentation and a dependency on non-European solutions.

批發金融交易的情況有所不同，因為我們已經在數字央行貨幣中提供了解決方案，並且不面對相同的依賴關係。但是，市場參與者越來越希望，令牌化和分佈式分類帳技術（DLT）將通過使資產能夠發行或表示為數字令牌來改變金融交易。我們目前正在擴大我們的主動權，以解決中央銀行貨幣中的基於DLT的交易。通過使中央銀行可用，我們避免使用其他和解資產的風險，例如美元穩定幣，這將重新引入信用風險，分散和對非歐洲解決方案的依賴。

We are progressing on the retail and wholesale fronts in parallel. In both cases, Europe needs its own, sovereign money for the digital era, so that it can harness the benefits of integration, innovation and independence. In the words of the late French economist Michel Aglietta, money is not just a technical device, it is an essential institution.[1]

我們正在並行在零售和批發前沿進展。在這兩種情況下，歐洲都需要自己的數字時代主權資金，以便可以利用整合，創新和獨立性的好處。用已故法國經濟學家米歇爾·阿格利埃塔（Michel Aglietta）的話來說，金錢不僅是一種技術手段，而且是必不可少的機構。 [1]

A digital euro for everyday payments

日常付款的數字歐元

Let me first discuss the rationale for the digital euro and the benefits it will bring.

讓我首先討論數字歐元及其將帶來的好處的理由。

Currently, cash is the sole sovereign payment method across the euro area. It offers Europeans a convenient, secure and universally accepted way to pay and store value, ensuring financial inclusion. Cash also upholds the resilience of our payment systems and economies, acting as a reliable fallback during crises such as cyberattacks or power outages. This is why we remain strongly committed to cash.[2]

目前，現金是整個歐元區的唯一主權支付方法。它為歐洲人提供了一種方便，安全且普遍接受的支付和存儲價值的方式，以確保財務包容性。現金還維護了我們的支付系統和經濟體的彈性，在網絡攻擊或停電等危機期間充當可靠的後備。這就是為什麼我們堅決致力於現金的原因。 [2]

However, digital payments have gained popularity, with online shopping accounting for more than a third of our retail transactions. This means that acceptance of and access to cash are no longer sufficient to cover a growing share of payment situations. In value terms, cash payments made up only 24% of day-to-day payments in the euro area last year.[3]

但是，數字付款已越來越受歡迎，在線購物占我們零售交易的三分之一以上。這意味著接受和獲得現金不足以涵蓋越來越多的付款情況。從價值的角度來看，去年的現金支付僅佔歐元區日常付款的24％。 [3]

Lacking a genuine European payment solution that works across the euro area, we are left critically dependent on foreign payment providers.[4] Currently, nearly two-thirds of euro area card-based transactions are processed by non-European companies while 13 euro area countries depend entirely on international card schemes or mobile solutions for in-store payments.[5] And even where national card schemes are available, they require co-badging with international card schemes to facilitate cross-border payments within the euro area or online shopping. Moreover, mobile apps and e-payment solutions are dominated by foreign solutions like PayPal, Apple Pay or Alipay. And they partner

由於缺少跨歐元區的真正歐洲支付解決方案，我們非常依賴於外交付款提供者。 [4]目前，將近三分之二的歐元區基於歐元的交易是由非歐洲公司處理的，而13歐元地區的國家完全依賴於國際卡計劃或移動解決方案進行店內付款。 [5]即使在提供國家卡計劃的情況下，他們也需要與國際卡計劃共同攻擊，以促進歐元區或在線購物內的跨境支付。此外，移動應用程序和電子支付解決方案由貝寶（Paypal），蘋果付費或支付寶（Apple Pay）等外國解決方案主導。他們合作