suggest, for example, that a digital euro should be integrated with mobile and online payments and banking services. they expect the additional services that would build on the basic payment functionalities of a digital euro to trigger innovation and efficiency. 1 / 6 a sizeable share of participants also highlight that the digital euro should make cross - border payments faster and less costly. and more than half of respondents are willing to test, adopt or contribute to the design of a digital euro in order to make it an effective means of payment. privacy first as i have already mentioned, privacy emerges as the most important feature of a digital euro. protecting users ’ personal data and ensuring a high level of confidentiality will therefore be a priority in our work [ 6 ], so that the digital euro can help maintain trust in payments in the digital age. at the ecb we started to explore privacy in digital payments early in our work on a central bank digital currency, and we will continue to do so through further analyses. the results of our technical experimentations are available on our website and summarised in the appendix to my remarks today. let me emphasise, first of all, that a digital euro would in fact increase privacy in digital payments. as a public and independent institution, the ecb has no interest in monetising or even collecting users ’ payment data. a digital euro would therefore allow people to make payments without sharing their data with third parties, other than what is required by regulation. this differs from private payments, where services are generally offered in exchange for personal data that are then used for commercial purposes. privacy is an important prerogative because it influences people ’ s personal lives and fundamental rights. it must nonetheless be carefully assessed against other important considerations in the general interest. digital euro payments could guarantee different degrees of privacy [ 7 ], involving different trade - offs with other policy and regulatory objectives such as the need to combat illicit activities. such trade - offs also characterise traditional means of payment, which provide various degrees of privacy, ranging from anonymity for cash payments [ 8 ] to full disclosure for digital transactions that require documentary verification and monitoring of operations. in theory, digital euro payments could be anonymous if users ’ identities were not verified when they access digital euro services. but this anonymity would provide fertile ground for unlawful activities and could prevent compliance with regulations on anti - money laundering and combating the financing of terrorism. anonymity would also prevent limits being imposed on the use of digital euro

jean - claude trichet : preventing spillovers on the global economy speech by mr jean - claude trichet, president of the european central bank, at the bretton woods committee, international council meeting 2011, washington dc, 23 september 2011. * * * ladies and gentlemen, it is now four years after the outbreak of the global financial crisis, and three years after the collapse of lehman brothers, which were stark reminders of how much financial integration and globalisation made all economies interdependent. this interdependence creates benefits but also adverse spillovers which may arise in all domains, from inadequate macro policy choices to private market imperfections. i will focus today on two key areas of policy interest to address spillovers in the global economy : ( 1 ) reforming global finance, and ( 2 ) strengthening policy discipline at the domestic and global level, before turning to how the euro area can contribute to global stability. 1. reforming global finance at the pittsburgh summit in 2009, g20 leaders agreed “ to do everything needed to repair our financial system and to maintain the global flow of capital ”. the november 2011 g20 cannes summit will take stock of where we stand in terms of implementation of this important reform agenda. in a number of areas, important decision have already been taken, notably as regards the improvement of bank capital with the agreement on basel iii, and the development of macroprudential frameworks. in other areas, we are close to concluding our work, in particular as regards a new global framework on systemically important financial institutions ( sifis ). in those areas where decisions have already been taken by the international community, implementation is now key. the g20 yesterday committed to full implementation of basel iii along the agreed timelines. the eu has already started this process early with the european commission putting its proposals on the table for the so - called capital requirements directive iv, which will translate basel iii into the legal framework of the eu member states. in terms of macro - prudential framework, the european systemic risk board has started its operation this year. all jurisdictions must ensure timely implementation so that we can ensure that we have done everything to make a difference as regards the resilience of the global, regional and national financial systems. let me briefly highlight three key areas on which we need to stay committed and where swift progress is of the essence. the first challenge may come from the shadow banking sector. the introduction of more stringent capital requirements may provide incentives for banks