Ceps Conference Room - Place du Congrès, 1 Brussels, 1000 Brussels, Belgium
A reliable, speedy and efficient payments market is the bedrock of a thriving economy where hundreds of billions of euros are being transferred electronically every day throughout the EU. The payments sector is in continuous development, with a new wave of innovations coming onto the market in recent years. At the end of June, the European Commission is expected to publish a new legislative proposal on payment services revamping the Payment Services Directive 2 (PSD2).
Issuing a retail central bank digital currency (CBDC) has emerged as a high priority for most of the central banks around the world. Through this new financial instrument, central banks would open access to their balance sheets to the broader public more than ever before. So far, several countries have fully launched a digital currency, a dozen are running their own small-scale trial rollouts and many more are in the process of exploring and developing such an instrument.
CEPS - Centre for European Policy Studies 1 Place du Congrès / Congresplein 1000 Brussels
The European Commission intends to transform consumers’ payment experience through its recently published Instant Payments Directive proposal by making instant payments widely available and affordable. Instant payments transfer credit in real time, thus fostering innovative payment solutions and releasing funds. They could contribute to the development of homegrown cross border European instant payment solutions.
The introduction of digital (crypto)assets, as well as the underlying distributed ledger technology, has encouraged central banks throughout the world to contemplate digitising the monetary system and adopting central bank digital currencies (CBDCs). A digital euro issued by the European Central Bank (ECB) and made available to citizens and firms to make payments would be a very attractive instrument. However, concerns around competence, privacy, operational risk, cybersecurity, and financial stability risks cannot be ignored.
The European Credit Research Institute (ECRI) is calling for applications from academics to become members of its incoming Scientific Council.
The ECRI Scientific Council will be composed by four or five academics and meet one or two times a year. Members may be invited to participate in the ECRI Executive Committee meetings. Members of the Scientific Council will be appointed for a period of three years.
Ongoing digitalisation has amplified the importance of electronic payments for the functioning of the European economy. In response, the European Commission has stepped-up its ambitions to create an integrated payment system and increasing the autonomy of existing means of payments.
During this CEPS-ECRI webinar, key stakeholders will discuss the Commission's proposal for a review of the Consumer Credit Directive proposal and whether it is fit for purpose
Most central banks in advanced economies consider issuing central bank digital currencies (CBDCs), not only to address the declining use of cash, but also to position themselves against increased competition from Big Tech companies, cryptocurrencies, and stablecoins.
Digital currencies are a concern for regulators alike, which has resulted in the Markets in Crypto-assets Regulation (MiCAR) proposal of the European Commission to regulate cryptocurrencies and ensure investor protection.
The transformation of the retail payment services market in the EU has accelerated in recent years with the surge in electronic payments during the COVID-19 pandemic. This enhanced the importance of the legislative framework governing this market.
The European Credit Research Institute (ECRI) is a think-tank managed by CEPS and has its own board with its own strategy. At present, its funding is based on some combination of research projects and membership fees. ECRI is supported by 10 prestigious members whose primary focus is on payments and consumer loans: