欧洲央行执行委员会成员Piero Cipollone在法国支付论坛活动“数字欧元和欧洲付款未来”的演讲

欧洲央行执行委员会成员Piero Cipollone的讲话在法国支付论坛活动“数字欧元和欧洲付款未来”的演讲。

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

法国付款论坛活动“数字欧元和欧洲付款未来”

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.

很高兴今天与您一起参加法国付款论坛的数字欧元和欧洲付款未来的活动。

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.

大多数人将欧元的采用与欧元钞票和硬币的推出相关联。虽然1999年出于会计目的而引入了欧元，但我们倾向于觉得只有三年后，一旦我们开始以欧洲各地的欧元现金支付，才成为我们的钱。欧洲钞票和硬币使该货币成为欧洲联合欧洲的切实象征。

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.

强劲的货币也与强大的支付系统同步。我们在中央银行提供构成金融体系管道的付款基础设施。这些基础设施不如钞票和硬币可见，但仍然是我们货币和财务整合的关键。

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，零售和批发付款是我们在中央银行任务不可或缺的一部分。我们向银行和运营支付系统发放现金，供应储量（供应储量（最终）流动资产，从而通过启用安全，无风险和欧洲的欧元区交易来支持我们的经济。这就是维护我们的经济稳定和货币主权的原因。

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.

在这个可靠的基础上，私营部门公司可以提供自己的解决方案，而不必担心他们使用的钱。一欧元是一欧元，因为私人货币可以始终转换为现金，而且金融交易可以以中央银行的货币解决 - 唯一的无风险资产。

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，我想专注于如何使我们的货币防止未来，并增强数字时代欧洲付款的融合，竞争力和韧性。

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.

随着人们越来越喜欢以数字方式支付和在线商务的扩大，现金作为通用支付解决方案的作用正在下降。因此，我们冒着没有欧洲解决方案而被留下的，在所有情况下都可以在整个欧元区付款。为了恢复现金的核心作用，我们需要用其数字当量的数字欧元来补充实物现金。以数字形式出售中央银行似乎是一个小而明显的一步，但实际上，这对于克服我们支付市场的根深蒂固且长期存在的分裂是必不可少的。数字欧元将通过其基础架构和接受网络间接地对公共资金的供应进行现代化，直接实现这一目标，私人支付服务提供商可以利用这些网络来扩展和创新，以欧洲的规模进行扩展和创新。最终，数字欧元将增强欧洲提供商的竞争力及其向欧洲消费者提供各种数字支付的能力。

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.

批发金融交易的情况有所不同，因为我们已经在数字央行货币中提供了解决方案，并且不面对相同的依赖关系。但是，市场参与者越来越希望，令牌化和分布式分类帐技术（DLT）将通过使资产能够发行或表示为数字令牌来改变金融交易。我们目前正在扩大我们的主动权，以解决中央银行货币中的基于DLT的交易。通过使中央银行可用，我们避免使用其他和解资产的风险，例如美元稳定币，这将重新引入信用风险，分散和对非欧洲解决方案的依赖。

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]

我们正在并行在零售和批发前沿进展。在这两种情况下，欧洲都需要自己的数字时代主权资金，以便可以利用整合，创新和独立性的好处。用已故法国经济学家米歇尔·阿格利埃塔（Michel Aglietta）的话来说，金钱不仅是一种技术手段，而且是必不可少的机构。[1]

A digital euro for everyday payments

日常付款的数字欧元

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

让我首先讨论数字欧元及其将带来的好处的理由。

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，现金是整个欧元区的唯一主权支付方法。它为欧洲人提供了一种方便，安全且普遍接受的支付和存储价值的方式，以确保财务包容性。现金还维护了我们的支付系统和经济体的弹性，在网络攻击或停电等危机期间充当可靠的后备。这就是为什么我们坚决致力于现金的原因。[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，数字付款已越来越受欢迎，在线购物占我们零售交易的三分之一以上。这意味着接受和获得现金不足以涵盖越来越多的付款情况。从价值的角度来看，去年的现金支付仅占欧元区日常付款的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

由于缺少跨欧元区的真正欧洲支付解决方案，我们非常依赖于外交付款提供者。[4]目前，将近三分之二的欧元区基于欧元的交易是由非欧洲公司处理的，而13欧元地区的国家完全依赖于国际卡计划或移动解决方案进行店内付款。[5]即使在提供国家卡计划的情况下，他们也需要与国际卡计划共同攻击，以促进欧元区或在线购物内的跨境支付。此外，移动应用程序和电子支付解决方案由贝宝（Paypal），苹果付费或支付宝（Apple Pay）等外国解决方案主导。他们合作