MILAN, March 18 (Reuters) – The introduction of the digital euro will have a negative impact on banks’ liquidity and profit margins by taking away a portion of retail deposits, which are the cheapest source of funding, UniCredit CEO Andrea Orcel said. Speaking at a Morgan Stanley conference in London, Orcel said UniCredit was interacting […]
Science
UniCredit CEO says has ‘relatively constructive’ approach to digital euro
Audio By Carbonatix
MILAN, March 18 (Reuters) – The introduction of the digital euro will have a negative impact on banks’ liquidity and profit margins by taking away a portion of retail deposits, which are the cheapest source of funding, UniCredit CEO Andrea Orcel said.
Speaking at a Morgan Stanley conference in London, Orcel said UniCredit was interacting “significantly” with the ECB to ensure that the central bank can pursue its monetary sovereignty goals through the digital euro without an excessively negative impact on banks.
“We’re relatively constructive” Orcel said.
(Reporting by Valentina Za, editing by Gavin Jones)