The European Central Bank (ECB) announced on Feb. 20 an expansion of its initiative to facilitate the settlement of distributed ledger technology (DLT)-based transactions in central bank money. The Eurosystem plans to take a two-step approach, initially focusing on establishing an interoperability link with TARGET Services to support secure and efficient settlements at the earliest opportunity. A detailed schedule for this phase will be disclosed at a later date.

In the longer term, the ECB aims to explore a fully integrated solution for settling DLT-based transactions, including those involving international operations such as foreign exchange settlements. The announcement adds:

The initiative will contribute to establishing an integrated European market for digital assets, in line with the Governing Council’s call for promoting a digital capital markets union in its statement of 7 March 2024.

Through this strategy, the Eurosystem seeks to encourage technological advancements while preserving the stability and efficiency of the financial market infrastructure.

TARGET Services is the Eurosystem’s infrastructure for payments and settlements, including TARGET2 for real-time transactions, T2S for securities, TIPS for instant payments, and ECMS for collateral management. It ensures secure and efficient financial operations across Europe. On March 7, 2024, the ECB reaffirmed its commitment to a harmonized European financial system, maintaining interest rates and addressing inflation concerns. It emphasized achieving a 2% inflation target and supported a digital capital markets union.

ECB Executive Board member Piero Cipollone, who oversees the initiative, emphasized the balance between innovation and financial stability, stating:

We are embracing innovation without compromising on safety and stability.

He also highlighted that this initiative supports the ECB’s broader goal of creating a harmonized and integrated European financial system. Additionally, the move aligns with the Governing Council’s objective of enhancing European financial markets through digital solutions.

The initiative builds upon previous exploratory work on new technologies for wholesale central bank money settlement. Between May and November 2024, the Eurosystem conducted trials and experiments involving 64 participants, including central banks, financial market players, and DLT platform operators. More than 50 trials were conducted, with some involving actual settlements in central bank money, while others tested the technology through mock settlements. By leveraging insights from these experiments, the ECB aims to create a more integrated European market for digital assets, enhancing financial market efficiency and ensuring that innovation is effectively incorporated into the continent’s financial infrastructure.

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