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2023 | OriginalPaper | Buchkapitel

The Adoption of Digital Euro: Problems and Perspectives

verfasst von : Francesco Capriglione, Valerio Lemma

Erschienen in: Monetary Policy Normalization

Verlag: Springer Nature Switzerland

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Abstract

This paper analyses some aspects of the legal issues related to the digitization of the euro. The first section identifies whether in subiecta materia the application of European or national regulation prevails. In particular, the investigation focuses on assessing the limits of this project and its consequences on different national contexts, with particular attention to the Italian context. With reference to the jurisprudential orientation of the Italian and German constitutional courts, an initial conclusion is then reached regarding the appropriateness of basing the implementation of this project on a politico-legal link between European and national authorities. The second section focuses on the effects of the digital Euro, as an alternative to the types of support for sovereign currency experienced so far. With respect to such alternative, new benefits and risks could emerge. Hence, the analysis refers to the impact on the issuance and the circulation of digital Euro, as well as its effects on the credit intermediation. Indeed, it appears necessary for credit institutions to use the deposit multiplier mechanism even if the central bank sovereign currency has a digital support, as it allows the banks to spread their operating costs over a larger volume of credit than the one of direct deposits (as permitted by the current analogic banking procedures); this, with obvious positive effects on the functioning of the credit sector.

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Vorheriges Kapitel Predictive Methods in Economics: The Link Between Econophysics and Artificial Intelligence

Nächstes Kapitel The Karst Phenomena of Law in Action

The Author of this section is Valerio Lemma.

See CIACCI (2012, 539).

Although studies have been undertaken since the beginning of this millennium to highlight the significant gap that exists between those who have access to information technologies (see among others Bentivegna, 2009) we are still far from the realization of a 'digital literacy' that would make possible an effective ability to use information media (see Banzato, 2011).

See the well-known study entitled Della Moneta, Naples, 1780, in which a 'theory of value' is proposed by identifying the principles underlying monetary regulation.

The theoretical analysis offers a varied picture of functions fulfilled by money: from the intermediation between the centers of savings formation and those of resource employment to the transformation of risks and maturities, quality control of investment projects and the management of payments. See for the economics literature the classic works of Keynes (1930), Arcelli (1969), Savona (1974), Jevons (1875); for the legal literature see Ascarelli (1928), Stammati (1976), Capriglione (1999, 747 ff).

Hence the consequence, emphasized by the doctrine, that virtual currencies cannot “be configured as a means of extinguishing pecuniary debts within the meaning of Article 1277 of the Civil Code,” see Capogna et al. (2015, 49).

See, among others: Asquini (1966, 112), Pellizzi (1967, 67), Martorano (1979, 69 ff), Spada (1994, 86 ff, 93 ff), Oppo (1994, 13), Partesotti (1997, 23 ff). It is worth mentioning that in Italy, since the last decades of the last century in the literature the close connection between the rule of Art. 2004 Civil Code and the provision of Art.141 of T.U. No. 204 of 1910 on Institutions of Emission, recognizing in this connection the attestation of the state privilege of the issuance of currency; see Capriglione (1975a; 1975b).

https://news.cgtn.com/news/32517a4e33677a6333566d54/share_p.html. See in the same vein the editorial Draghi: bitcoin is not currency, viewable on Iusletter of February 14, 2018, in which the ECB President's clarification at the time that virtual currencies “are not money, nor will they be in the foreseeable future” is quoted.

See ECB, Publications on Central bank digital currencies (CBDC), viewable at www.ecb.europa.eu/home/search/html/central_bank_digital_currencies_cbdc.en.html.

See the speech given on November 15, 2021 on "The Role of the Digital Euro as an Anchor of the Payments System" at the conference "The Digitization of Financial Instruments: Opportunities and Risks," organized by the Bank of Italy and the National Association for the Study of Credit Problems (ANSPC).

See the editorial entitled Panetta (ECB): Digital euro project has a clear political dimension, viewable at https://finanza.lastampa.it/News/2023/01/23/panetta-bce-progetto-delleuro-digitale-ha-una-clear-political-dimension.

See ECB, A digital euro, viewable at https://www.ecb.europa.eu/paym/digital_euro/html/index.it.html.

See ECB, The Digital Euro and the Evolution of the Financial System, Introductory remarks by Fabio Panetta, before the Committee on Economic and Monetary Affairs of the European Parliament, Bruxeller, June 15, 2022.

See A digital euro, cit.

See ECB, Report on a digital euro, cit. where the issue of a Central Bank Digital Currency (CBDC) is examined from a Eurosystem perspective.

See Speech di Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Consensus 2020 virtual conference, 11 May 2020.

See ECB, Report on digital euro, cit., p. 4.

It should be noted that in Italy the Deposit Protection Fund, according to a ‘strange’ interpretation of its role, in recent years has been fulfilling the function of a ‘financial bridge’ in keeping alive failing banks that are waiting for a buyer, as in the case of the popular banks of Veneto, bought at the price of ‘nummo uno’; see Rossano (2022, 112 ff).

See ECB, Speech di YVES MERSCH, at the Consensus 2020 virtual conference, cit.

Thus Giannini M.S., Sovranità on Enc. dir., vol XLIII, p. 225, who traces the first theorization of sovereignty to Bodin (1576).

See for all the Commentary on Article 1 Const. on Bifulco, Celotto, Olivetti, 2006.

See Giannini cit. p. 228.

See Aetr judgment, March 31, 1971, [1971] ECR p. 263 ff.

See, among others, Berk (2002, 345 ff), Amtenbrink and De Haan (2002, vol. 39, 65 ff), Vella (2002, I, 150 ff), Vella, La nuova banca centrale europea, on www.lavoce.info, 18/9/2012; Pellegrini (2003, Chapter VI), AA.VV., Belli and Santoro (2003), Malatesta (2003, passim), Bini Smaghi (2009), Pitruzzella (2012, 427 ff).

Reference is made, in particular, to the operations of the Security Market Program, which pose an obstacle to the explosion of the gap between the yields of the securities of different countries, realizing forms of stabilization of the markets and, therefore, preventing the emergence of speculative runaways to the detriment of a given country; see on this subject Capriglione—Semeraro 2012, ch. X.

The Italian Constitutional Court has on several occasions reiterated that the fundamental principles of the constitutional order operate as counterbalances to the entry of European Union norms (see Judgments No. 183 of 1973, No. 170 of 1984, No. 232 of 1989, No. 168 of 1991, No. 284 of 2007), arriving in 2014, with Judgment No. 238, at the conclusion that the international norms to be introduced into the domestic legal system must be made compatible with the “qualifying and inalienable principles of the constitutional order and, therefore, with the principles that oversee the protection of fundamental rights.”

See Constitutional Court (November 24, 1958), on Giur. const., 1958, no. 883.

See CJEU, judgment February 26, 2013, case C-399/11, Melloni, paragraph 60.

See CJEU, judgment February 12, 2019, case C-492/18, PPU, TC, paragraph 56.

See CJEU, judgment Dec. 5, 2017, Case C-42/17.

We refer to the decision known as the Maastricht-Urteil in which the German Federal Constitutional Tribunal confirmed the compatibility of the Maastricht Treaty with the Bonn Basic Law (2BVerfG October 12, 1993, No. 2159/92, in 89 Entscheidungen des Bundesverfassungsgerichts, 1994, 155 ff). On this subject, see MacCormick (1995, 259 ff).

His is clear from paragraph 111 et seq. of the decision, summarized as follows in point 2 of the official maxim: “2. The Court of Justice of the European Union exceeds its judicial mandate, as determined by the functions conferred upon it in Article 19(1) second sentence of the Treaty on European Union, where an interpretation of the Treaties is not comprehensible and must thus be considered arbitrary from an objective perspective. If the Court of Justice of the European Union crosses that limit, its decisions are no longer covered by Article 19(1) second sentence of the Treaty on European Union in conjunction with the domestic Act of Approval; at least in relation to Germany, these decisions lack the minimum of democratic legitimation necessary under Article 23(1) second sentence in conjunction with Article 20(1) and (2) and Article 79(3) of the Basic Law.”

See CJEU, judgment Dec. 11, 2018, C-493/17, Heinrich Weiss and others.

Consequently, the BverfG, considering itself not bound by the CJEU's decision, effectively gave a three-month ultimatum to the ECB to clarify compliance with the aforementioned principle of proportionality between the program and the objectives underlying the operations in question; a time frame at the end of which the Bundesbank would have to withdraw from the ECB’s intervention plans if the aforementioned condition was not verified.

For a commentary on this decision of the German Constitutional Court, see Lombardo (2020), Bassan (2020).

For a clarification of the modalities of this action, see ECB (2011, 57–72), where the varied technical forms in which ECB intervention has taken place are spelled out.

See Heather Stewart, Japan aims to jump-start economy with $1.4tn of quantitative easing, viewable at www.theguardian.com/business/2013/apr/04/japan-quantitative-easing70bn; Joyce et al. (2011, 200 ff).

One has regard to the well-known book The Wealth of Nations (Smith, 2013 [1776]), which marks the beginning of classical political economy, providing the framework of the forces that promote growth and development, traced by that A. to the theory of 'labor-value,' as opposed to the theses of the physiocrats.

I refer to the theory enunciated in Spirito delle leggi (Montesquieu, 1967 [1748]) in which the idea that “whoever has power is inclined to abuse it” assumes the principle that to avoid such an eventuality “it is necessary that […] power should stop power”; hence the well-known distinction of the three functions of the state legislative, executive and judicial.

This program is complemented by the planned asset purchase of an additional 120 billion euros until the end of 2020, while no change is made to interest rates; a decision of immobility that did not please the markets. On this topic see https://www.soldionline.it/news/economy-politics/direct-bce-12-march-2020.

Significant in this regard are the words of Ursula von der Leyen's spokesman Eric Mamer: “We reaffirm the primacy of EU law and the fact that the rulings of the EU Court of Justice are binding on all national courts,” reported in the editorial entitled La ricetta Usa che genera posti di lavoro, at http://temi.repubblica.it/micromega-online/la-ricetta-usa-che-genera-posti-di-lavoro. A chasm opens between Berlin and Brussels, viewable at https://it.insideover.com/politics/si-apre-una-voragine-fra-berlino-e-bruxelles.html, where, among other things, “the Commission has always respected the independence of the ECB in implementing its monetary policy.” Add to this the substantial threat of infringement proceedings against Germany made by the President of the European Commission in a letter specifying that the decision in question “touches on European sovereignty”; cf. in this regard, the editorial entitled Ue, von der Leyen minaccia procedura d'infrazione contro la Germania per la sentenza di Karlsruhe sugli acquisti della Bce, at www.repubblica.it/esteri/2020/05/09/news/ue_von_der_leyen_minacciapro-cedura_d_infrazione_contro_la_germania_per_la_sentenza_di_karlsruhe_sugli_acquisti_della_bce.

See editorial titled Bce, la replica alla Consulta tedesca: “Resta l’impegno a fare qualunque cosa necessaria. Corte Ue ha stabilito che agiamo nel mandato, visionabile su www.ilfattoquotidiano.it/2020/05/05/bce-la-replica-alla-consulta-tedesca-resta-limpegno-a-fare-qualunque-cosa-necessaria-corte-ue-ha-stabilito-che-agiamo-nel-mandato/5792585.

Also significant is President Lagarde's recent statement in which the independence of the ECB is reaffirmed, making clear that the ECB is accountable only to the European Parliament under the jurisdiction of the European Court of Justice; see BUFACCHI's editorial entitled Lagarde alla Corte tedesca: «La Bce va avanti imperterrita, è indipendente e risponde al Parlamento europeo», at https://www.ilsole24ore.com/art/lagarde-corte-tedesca-la-bce-va-avanti-imperterrita-e-indipendente-e-risponde-parlamento-europeo.

See speech by Mersch (2020).

See Fabbrini (2015), where it is argued that said reality is essentially the result of a Franco-German political compromise.

The Author of this section is Valerio Lemma.

See Powell (2022), who stated that “the Federal Reserve is examining whether a U.S. central bank digital currency (CBDC) would improve on an already safe and efficient domestic payments system. As the Fed's white paper on this topic notes, a U.S. CBDC could also potentially help maintain the dollar's international standing”.

See also Eurosystem launches digital euro project, press release, 14/07/2021.

The ECB hypothesized that the introduction of the digital Euro could affect the transmission of monetary policy and have a negative impact on financial stability, e.g., by challenging the banks' intermediation capacity and influencing risk-free interest rates. The same applies to its possible use as a form of investment and, thus, to the possible transformation of deposits (at commercial banks) into liabilities (of the central bank); see ECB (2020).

See art. 3, para 1, point 2, Proposal for MiCAR; see also Ammannati (2018, 101 ff), Hondius (2004, 245 ff).

See Lemma (2023, 375) whereby it is recalled Mersch (2020).

See art. 48, para. 3 e 6, T.U.E.

See art. 128, para 2, T.F.U.E.

On this point, one must also consider the obligation assumed by each Member State to ensure that its domestic legislation is compliant with the Treaties and the Statute of the ESCB and the ECB. Therefore, in the event of the adoption of the digital Euro, the compliance of the regulation of obligations with the circulation of such a currency will have to be assessed and, therefore, the rules on solving effects, asset confusion, fungibility and, ultimately, the specifications that domestic law has adopted to ensure the reliability of the circulation of wealth and the quality of the currency.

See Regulation (CE) no. 2531/98 of the Council and Regulation (UE) 2021/378 of the European Central Bank. See also Brescia Morra (2019, 177 ff).

In other words, the forms of dematerialization envisaged for the digital Euro make it easy to preserve the traceability of each coin to its owner, as is the case—for instance—with the deposit of securities regulated by Article 1838 of the Italian Civil Code.

See Heider and Leonello (2021, 16) who writes that “this implies that banks with different equity multipliers may provide different lending volumes, despite having the same level of equity”.

Moreover, the need for an intervention that takes care of the general interests seems evident, where the introduction of the digital Euro would go beyond the text of the Treaties, which does not mention additional supports for the single currency other than banknotes and coins. This would lead to an operational reality that, not responding to the above-mentioned text, would be exposed to the interpretations of the courts and, therefore, would bring unacceptable levels of uncertainty to the capital market.

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Titel: The Adoption of Digital Euro: Problems and Perspectives
verfasst von: Francesco Capriglione
Valerio Lemma
Verlag: Springer Nature Switzerland
Buch: Monetary Policy Normalization
Print ISBN: 978-3-031-38707-4

Electronic ISBN: 978-3-031-38708-1

Copyright-Jahr: 2023
DOI: https://doi.org/10.1007/978-3-031-38708-1_7