money in particular, will not arise in the first place if we at the central bank ensure that the technology behind payment transactions is always up to date. this is why the eurosystem is working flat out to ensure that banks will be able to conduct payment transactions in central bank money in real time by the end of the year. the target instant payment system will enable payments to be transferred between individuals in a matter of seconds, all day, every day, regardless of where their accounts are held. this would mean that delivery - versus - payment transactions could be settled in commercial bank money, ie without the buyer or seller having to pay or deliver upfront. 4. conclusion the economist john kenneth galbraith is credited with the following quote, which i think sums up cash perfectly : " money is a singular thing. it ranks with love as man ’ s greatest source of joy. and with death as his greatest source of anxiety. " we needn ’ t fear for the future of euro banknotes and coins. however, it is our duty as eurosystem central banks and your duty as a player in the cash cycle to always maintain the public ’ s trust in euro cash. we can do this together by continuing to provide the public at all times with the amount of stable - value, high - quality euro banknotes and coins that they need. thank you for your attention. 1 s ingves ( 2017 ), do we need an e - krona?, swedish house of finance, 8 december 2017. 2 m goodfriend ( 2016 ), the case for unencumbering interest rate policy at the zero bound, paper presented at the economic policy symposium at jackson hole. 5 / 5 bis central bankers'speeches

both papers covered by the panel provide useful thoughts on the trade - off between data use and data protection. 2 data are considered the most valuable commodity of the 21st century. and, in principle, there is nothing wrong with people paying for services with their personal data. provided they know who is using which data for what purpose and they explicitly accept those uses. however, many people aren't happy about their data being used commercially. they don't want people to be tracking their consumption behaviour. and they are perfectly entitled to have their data protected. so if you were to go to a winery in eltville to buy some bottles of riesling and pay with the digital euro, only the bank that operates your wallet would have full visibility of the transaction. but it is not allowed to use that information commercially without your consent. the eurosystem will not be able to assign the transaction to you personally. and if you pay offline, no personal information whatsoever is shared with anyone else. like with cash. 3 5 conclusion ladies and gentlemen, there is still a long way to go before we can issue the digital euro. exchanging views and opinions with experts from outside the eurosystem is very important and valuable in this regard. 1 deutsche bundesbank ( 2024 ), bundesbank survey : widespread acceptance of digital euro among general public, press release, 4 june. 2 agur, i., a. ari & g. dell'ariccia ( 2023 ), bank competition and household privacy in a digital payment monopoly, imf working paper wp 23 / 121 ; tinn, k. & c. dubach ( 2024 ), ( central bank ) digital currency with asymmetric privacy - theory model, mimeo. 3 european central bank ( 2024 ), progress on the preparation phase of a digital euro - first progress report ( europa. eu ). 4 / 4 bis - central bankers'speeches