1.5. Digital Euro – Commercial Banks in Danger?

After clarifying the relationship between the digital euro and competing or related means of payment, the focus of this episode shifts to those financial institutions whose business model the digital euro could complement, change or call into question: the commercial banks.

With a view of the possible introduction of the digital euro, representatives of commercial banks warn against an ill-considered change to the existing economic and financial order. Voices criticizing the status quo, on the other hand, see digital central bank money as a possible antidote to the vulnerability of our financial system to crises – less as a remedy for banks and more as a guarantee of greater security for citizens.

In this first of two episodes on the relationship between the digital euro and commercial banks, we examine the extent to which a digital euro could transform or disrupt the well-established division of labor between central and commercial banks. Are digital bank runs really to be feared or are they much ado about nothing?

To find out, we spoke to representatives of the National Association of German Cooperative Banks (BVR) and Deutsche Bank. We also evaluated a range of different statements and a hearing of experts on the topic in Brussels at the end of November.

Seasn Digital Euro – Episode 5| 22 December 2023


Dr. Andreas Bley is chief economist of the National Association of German Cooperative Banks (BVR).

Jens Holeczek is Head of the Digital Payment Unit National Association of German Cooperative Banks (BVR).

Manuel Klein ist Product Manager Blockchain Solutions & Digital Currencies at Corporate Bank of Deutsche Bank. In this position, he also analyses the potential impact of central bank digital currencies on the banking sector.

Prof. Dr. Sebastian Omlor is Professor for Private Law, Commercial and Business Law, Banking Law, and Comparative Law» at the Philipps-Universität Marburg und Founding Director of the Marburg Institute on the Law of Digitization (IRDi)». An important research focus of his are legal issues of the digitized financial sector. He leads the ZEVEDI project group Tokenization and Finance».

Weiterführende Informationen und Quellen

National Federation of German Cooperative Banks (BVR)»

LinkedIn Profile of the BVR»

• Position of the German Banking Industry Committee on the Legislative Proposal of the EU Commission for the Introduction of a Digital Euro, 28 June 2023: German banking industry calls for political guard rails for a digital euro».

• National Federation of German Cooperative Banks (in German): Die Digitalisierung des Euro: Chancen nutzen, Risiken begrenzen. Zielbild für ein europäisches Geldsystem der Zukunft», BVR-Position 2/2023.

Deutsche Bundesbank: Payment behavior in Germany 2021», 2022.

Osman, Yasemin ( in German only), Digitaler Euro – Eine Gefahr für kleine Banken?», Handelsblatt, 8 March 2023.

European Commission: Proposal for a Regulation of the European Parliament and European Council on the Establishment of a Digital Euro», 28 June 2023.

Veblen Institute for Economic Reform und Positive Money Europe: A Digital Euro for the People», Position Paper, June 2022, pp.11-12.

German Banking Industry Committee (German only): Erste Stellungnahme zum Legislativvorschlag der EU-Kommission zum digitalen Euro vom 28.06.2023», August 2023.

Event Site of Public Hearing on the Digital Euro in the European Parliament’s Committee on Economicand Monetary Affairs, 28 November 2023:

Intrductory Statements of all four experts invited for the hearing:

Ignazio Angeloni» (SAFE, Frankfurt am Main, und EHI, Florenz)

Miguel Fernández Ordóñez»

Marieke van Berkel», European Association of Co-Operative Banks (EACB)

Vicky van Eyck», , Positive Money Europe

Also see the Youtube video of the Statement» Vicky van Eyck gave during the public hearing on behalf of Positive Money Europe.

Video of the Panel Discussion Digital Euro – Pro und Con» (German only), 18 July 2022 as final event ofthe Citizen Lecture Series “Do you understand Cryto?” at the TechnischeUniversität Darmstadt with Marcus Härtel, Market Infrastructure Expert of the European Central Bank.

All Episodes of the Digitalgelddickicht»

All ZEVEDI Podcasts»

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