The eurozone has been pressing ahead with research into a digital euro. European payment systems are facing profound disruption from new technology, but debate continues on whether central bank digital currency (CBDC) is the correct response.

One key contribution to that debate was a paper authored by Markus Brunnermeier and Jean-Pierre Landau, for the Econ Committee of the European Parliament. Published in January, the paper sets out a case for how a digital euro could help hold together the