be designed as a means of payment – and not as a store of value. as such : digital euro holdings will not be remunerated, in line with the non - remuneration of cash. there will be a holding limit on digital euro holdings – without constraining users ’ ability to pay with the digital euro. users can link their private bank account to their digital euro account through a ( reverse ) waterfall functionality. merchants and businesses would have a zero holding limit. because of these mitigating design features, the digital euro will not fully mirror cash as a store of value. nevertheless, the store of value function of cash is already diminished by the fact that it is unremunerated and that you could lose it. © dnb & shutterstock next to concerns about their potential impact on financial stability, some parts of the population question our motives for developing cbdcs. in an era in which public institutions in general are under pressure, central banks are also grappling with mistrust. we take these concerns seriously. so let me also assure you in this regard, that there is no hidden agenda. what we are doing regarding the digital euro is taking place in all openness. which is also why i am here. which is also why we are speaking with all relevant stakeholders, including, but not limited to, retailers, consumers and banks. ready to answer any questions and gather feedback. ultimately, the introduction of the digital euro is a political decision – not one made by technocrats. as such, it is a decision backed by the whole of society. in europe, it is currently up to the co - legislators to give the green light to the digital euro. they will need to establish the legal framework for the ecb to issue the digital euro. this is, of course, not an easy task – because it will lay the foundation for the euro in the digital age. and so, thorough discussions are taking place in both politics and society. privacy is one of the topics of discussion. it is clear that different jurisdictions working on cbdcs have different social and political systems, and with that, different understandings of privacy. from my a - political stance, i can only assure, once more, that privacy is a central pillar of the digital euro design. let there be no misunderstanding : the eurosystem would not be able to identify users through the transaction information we get. moreover, being discussed in the political union with the strongest privacy and security

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