The Institute of International Finance has published a note on the development of legislation to regulate a potential digital euro, which is being developed simultaneously.
The Institute of International Finance has published an assessment of the European Commission’s proposed legislation on the digital euro. It gave the bill middling marks.
The IIF is a financial industry global advocacy group headquartered in Washington, D.C. with members in 60 countries. It rated the digital euro billand the impact assessment that accompanied it. The note is a follow-up to its comments submitted in June. The IIF looked at seven areas. It considered six of those areas “partly addressed” by the proposed legislation. Some of the cost-benefit analysis was “basic and high-level,” while other aspects were dependent on previous studies or missing.
The mechanism suggested for financial stability and bank intermediation in the bill is holding limits. Those limits have yet to be set and it is unclear how they would be enforced, the IIF said.Payment services providers would have limited ability to recover the costs of implementing digital euro services, such as connecting to the infrastructure and creating wallet software, and caps are placed on fees. Credit institutions would be required to provide basic digital euro services for free.
The Institute of International Finance welcomes the opportunity to respond to the European Commission questionnaire on a potential euro-denominated central bank digital currency .
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