A digital euro could suck away 8% of euro zone banks' customer deposits, analysts at Morgan Stanley have estimated, although the share may be far higher in some of the smaller countries in the 19-nation bloc.
Euro currency bills are pictured at the Croatian National Bank in Zagreb, Croatia, May 21, 2019. REUTERS/Antonio Bronic/FilesLONDON, June 15 - A digital euro could suck away 8% of euro zone banks’ customer deposits, analysts at Morgan Stanley have estimated, although the share may be far higher in some of the smaller countries in the 19-nation bloc.
With 90% of the world's central banks now working on digital currencies, a key question is whether they will cannibalise the money currently held in high street bank accounts. "This could theoretically reduce euro area total deposits, defined as households' and non financial corporations' deposits, by 873 billion euros, or 8%," Morgan Stanley said.
However, banks in smaller countries, in particular Latvia, Lithuania, Estonia, Slovakia, Slovenia and Greece, could theoretically be impacted harder than the average.
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