system / files / working _ papers / w29396 / w29396. pdf [ https : / / www. nber. org / system / files / working _ papers / w29396 / w29396. pdf ] 7. study by kantar commissioned by the ecb ( european central bank ), study on new digital payment methods, march 2022. 8. https : / / www. consilium. europa. eu / en / press / press - releases / 2022 / 02 / 25 / eurogroupstatement - on - the - digital - euro - project /? utm _ source = dsmsauto & utm _ medium = email & utm _ campaign = eurogroup + statement + on + the + digital + euro + project [ https : / / www. consilium. europa. eu / en / press / press - releases / 2022 / 02 / 25 / eurogroup - statement - onthe - digital - euro - project /? utm _ source = dsmsauto & utm _ medium = email & utm _ campaign = eurogroup + statement + on + the + digital + euro + project ] 9. https : / / ec. europa. eu / info / consultations / finance - 2022 - digital - euro _ en [ https : / / ec. europa. eu / info / consultations / finance - 2022 - digital - euro _ en ]

of payment for all – for households, merchants and other businesses alike. this is its only avenue to success. in addition, the digital euro would have to be economically attractive for banks and other payment service providers in order for them to assume the role of intermediary. at the same time, however, large outflows of deposits from the banking sector need to be avoided, as do sudden shifts to central bank money. one option might be to set limits on digital euro holdings or to set tiered interest rates. at the same time, these provisions must take into account the effects they may have on how the digital euro is accepted. the following can be said of acceptance : the digital euro must serve the needs of users. in order to learn more, the eurosystem created focus groups to ask various groups in society and smaller merchants what they would expect from such a means of payment. payers want a solution that : • has as many areas of application as possible ; • is secure and reliable ; and • is accepted throughout the euro area and, if possible, beyond. it should be easy and free to use, protect privacy and be secure. according to the focus groups, merchants ’ main driver to adopt a new payment solution is customer demand. in addition, cost is an especially important point, though they also value speed, interaction with existing systems, reliability and security. of course, we also have to take into account the needs of industry and the financial market with respect to the digital euro ’ s design. at the same time, effective prevention of money laundering and terrorist financing is crucial. it is for this reason that the eurosystem partners with all stakeholders. the euro retail payments board ( erpb ( euro retail payments board ) ) is a forum where central banks exchange views with representatives from both the supply and demand side at the european level. in germany, these consultations take place within the framework of our payments forum. the eurosystem has additionally set up a market advisory group, in which payment systems experts deliberate on the potential design and distribution of a digital euro. this is because intermediaries are indispensable. these are the people with the expertise and direct access to customers needed to create and distribute attractive private payment solutions based on a digital euro. however, the digital euro debate is not just about user requirements, technical specifications and the macroeconomic opportunities and risks that we as central banks have to weigh up : the digital euro is a political project, too