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This study examines the problem of Missing Trader Intra-Community (MTIC) Fraud, the nature and scale of its impact on the EU’s finances, and potential solutions. The solutions that are assessed are: Split Payment Methods, Electronic Clearance Procedure (a digital solution), Real-Time Reporting (and TX++), VAT Coin, and the Definitive VAT system (and proposed amendments). Recommendations are made regarding the most appropriate solution.

AAG of the study identifies the fundamental rationale for a possible issuance of a digital euro: to preserve the role of public money in a digital economy. It outlines the policy options, trade-offs as well as design issues that its creation would raise. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON)

Payment systems are of vital importance for today's economies and are the core activity of central banks. To adapt to recent trends – including the decline in cash usage, the surge in online commerce and contactless forms of payment, and the creation of cryptocurrencies – central banks have, in recent years, explored the possibility of issuing digital currencies themselves. Proponents of central bank digital currencies (CBDCs) note that, among other things, they can: alleviate the problem of concentration ...

In just over a decade, the payment industry has seen the launch of cryptocurrencies and their explosive growth, driven by progress in digital technology applications. However, owing to a range of factors, not least their significant volatility, cryptocurrencies have not been adopted on a massive scale, but instead are used largely for speculative purposes. Both national authorities and the private sector have attempted to tackle volatility. The private sector's answer was stablecoins, that is, cryptocurrencies ...

This Briefing forms part of an EPRS series which offers a synthesis of the pre-legislative state-of-play and advance consultation on a range of key European Commission priorities during the latter's five-year term in office. It seeks to summarise the state of affairs in the relevant policy field, examine how existing policy is working on the ground, and identify best practice and ideas for the future on the part of governmental organisations at all levels of European system of multilevel governance ...

This briefing provides a summary of ESMA’s Fast-Track Peer-Review (FTPR), published on 3 November 2020. ESMA carried out an assessment of the effectiveness of the supervisory response in the financial reporting area by BaFin and FREP in the context of Wirecard AG fraud case.

The euro is the second most important global currency after the US dollar. However, its international role has not increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial market for US dollar-denominated assets is larger and deeper; network externalities and inertia also play a role. Increasing the attractiveness of the euro outside the euro area requires, among others, a proactive role for the European Central Bank and completing ...

Recent innovations have re-opened the debate on the forms that money will take in the future. This paper discusses two aspects of the debate on the future of money: the implications of the rise of global private stablecoins, and the role that public central bank digital currencies (CBDCs) could play in the future. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs (ECON) Committee.

Advanced economies are moving towards a cashless system, with a recent surge in cryptocurrencies, issued by private entities. Although digital currencies may increase welfare, due to a reduction in transaction costs, they introduce risks to monetary and financial stability. Furthermore, they barely serve as money due to their large volatility. To partly overcome these problems, the issuance of a stablecoin would be an intermediate solution between private and central bank issued digital currency. ...

The Future of Money

Étude 15-11-2019

Cryptocurrencies, Libra, central bank digital currencies (CBDCs)... What will be the future of money? What are the implications for monetary policy? ECON’s Monetary Expert Panel has produced 4 papers which try to help answer these questions ahead of the Monetary Dialogue on 2 December, the first one with the new ECB President, Ms Christine Lagarde. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).