欧洲央行-欧元区银行业数字货币投资成本再评估（英）

A view on recent assessments of digital euro investment costs for the euro area banking sector October 2025 A view on recent assessments of digital euro investment costs for the euro area banking sector Contents 1 Introduction 4 2 Available evidence on potential digital euro investment costs 5 3 Accounting for synergies and cost mutualisation 7 3.1 Methodology and analytical framework 8 3.2 Key results 13 4 Adjustments to PwC’s base estimates to correct for design assumptions 16 5 Data and methodology used to extrapolate cost estimates to the euro area banking sector 18 6 Extrapolation of adjusted PwC figures with synergy factors: results and sensitivity analyses 20 7 Conclusion 23 Annex 1: Assessment of cost synergy for potential digital euro implementation 24 A1. Market Synergies 24 A1.1. Vendor assessment 24 A1.2. Outsourcing level 32 A1.3. History of collaboration 39 A1.4. Exemplary synergies opportunities in the context of the digital euro 41 A2. Key results for market synergies 41 A2.1. Cost synergy potential – Base synergies case 41 A2.2. Cost synergy potential – Other scenarios 42 A3. Main public sources 43 A view on recent assessments of digital euro investment costs for the euro area banking sector 2 Executive summary Over the course of the past year, the banking industry has conducted studies on digital euro investment costs. The European Central Bank (ECB) welcomes the studies – such as those conducted by PricewaterhouseCoopers (PwC), national banking associations and individual banks – and has invited the authors to present their views on potential cost drivers and mitigants. This note presents a view on those digital euro investment cost studies. The note first documents and emphasises the potential for leveraging synergies and mutualising costs within the payment industry. It then presents the results of an extrapolation analysis based on banking sector estimates adjusted to reflect the digital euro’s design. The analysis was conducted with the support of experts from the national central banks, ECB Banking Supervision and external consultancy Roland Berger. A key finding is that significant cost savings can be achieved by making use of synergies and mutualising costs, which is in line with established practices in the payment industry. This finding also implies that banks would not have to implement the digital euro on a stand-alone basis. Altogether, the findings suggest that if the potential savings from synergies and cost mutualisation were properly accounted for, the banking industry’s own estimates could lie within a range of €4 billion to €5.77 billion in total, or €1 billion to €1.44 billion annually over a four-year period. The costs would thus lie close to the upper boundary estimated by the European Commission in its 2023 impact assessment. In this assessment accompanying the digital euro legislative proposal, the Commission estimated that digital euro investment costs would be between €2.8 billion and €5.4 bil