ECB officials have recently poured scorn on the notion that the ECB could introduce a central bank digital currency (CBDC) in the Eurozone, with one labelling such an initiative as “economically inefficient and legally untenable.” This article assesses the justifications for these claims from legal and economic perspectives. It finds that, based upon prevailing ECB policies and the myriad options available for CBDC design, such claims are flawed. The article further explains that the ECB’s reticence to consider the introduction of CBDC may impair the development of payments systems and obstruct financial inclusion.

中文翻译：

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“经济效率低下，法律上站不住脚”：宪法对欧盟引入央行数字货币的限制

欧洲央行官员最近对欧洲央行可能在欧元区引入央行数字货币 (CBDC) 的想法嗤之以鼻，其中一位官员将此类举措标记为“经济上效率低下且法律上站不住脚”。本文从法律和经济角度评估了这些主张的理由。它发现，根据现行的欧洲央行政策和可用于 CBDC 设计的无数选择，这种说法是有缺陷的。文章进一步解释说，欧洲央行对引入 CBDC 的沉默可能会损害支付系统的发展并阻碍金融包容性。