Il sistema monetario alla prova dell’euro digitale: opportunità e sfide della "nuova" moneta unica

Authors

Giulio Peroni, University of Milan; Filippo Croci, University of Milan; Giusella Finocchiaro, University of Bologna; Tiziano Bussani, University of Milan; Menelaos Markakis, Erasmus University Rotterdam; Giovanni Zaccaroni, University of Milano-Bicocca; Gabriella Gimigliano, University of Siena; Luca Fantacci, University of Milan; Francesca Matassoglio, University of Milano-Bicocca; Stelvio Cimato, University of Milan; Giuseppe Ferrero, Bank of Italy; Irene Tagliamonte, Commissione Nazionale per le Società e la Borsa; Silvia Attanasio, Associazione bancaria italiana; Giovanni Tria, University of Rome Tor Vergata
DOI: https://doi.org/10.54103/milanoup.313

Keywords:

Money, Sovereignty, European Union, European Central Bank, Digital Euro

Synopsis

The volume brings together, in revised and updated form, the papers presented at the conference “The Monetary System Tested by the Digital Euro: Opportunities and Challenges of the ‘New’ Single Currency”, held on 13 May 2025 at the University of Milan as part of the activities of the Jean Monnet Chair The Future of Money and Finance between Blockchain and Sustainability. The various contributions offer scholarly reflections, from a multidisciplinary perspective, on the main transformations brought about by technological and digital innovation within the European and international monetary system, with particular focus on the digital euro project, currently under development by the European Central Bank and other EU institutions.

Chapters

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Author Biographies

Giulio Peroni, University of Milan

Full Professor of International Law at the University of Milan. Holder of the Jean Monnet Chair “The Future of Money and Finance – Futmofin,” he has taught International Law at the Free University of Berlin, and International and European Trade Law at the University of Geneva, Queen Mary University of London, and the Universities of Coimbra and Seville. He was also a Visiting Fellow, supported by a fellowship from the host institution, from 2014 to 2016 and again in 2023, at the Max Planck Institute for Public International Law in Heidelberg and the Max Planck Institute for Private International Law in Hamburg. He is also a member of the editorial boards of several legal journals and the author of numerous publications in the fields of public and private international law, as well as European Union law, published by leading academic presses in the field.

Filippo Croci, University of Milan

Filippo Croci is Associate Professor of European Union Law at the University of Milan, where he teaches ‘European Union Law’, ‘European Monetary and Economic Law’, and ‘Internal Market Law and EU Competition Law’. His main research interests focus on the institutional aspects of the EU, the Economic and Monetary Union, EU litigation and EU competition law.

Giusella Finocchiaro, University of Bologna

Full Professor of Private Law and of Internet and Artificial Intelligence Law at the University of Bologna. Founder of the eponymous law firm, with offices in Bologna and Milan, specializing in new technologies law. Former Chair of the UNCITRAL Commission on Electronic Commerce, she serves on several national Committees, including the Artificial Intelligence Commission at the Presidency of the Council of Ministers, and holds numerous positions across institutional, academic, and corporate sectors.

Tiziano Bussani, University of Milan

PhD in International Law, Attorney, Post-doctoral Research Fellow of the Fondazione Fratelli Confalonieri of Milan, and member of the Jean Monnet Chair FUTMOFIN. His research interests focus on the evolution of the international and European monetary and financial system, with specific focus on the digitalization of money and the ecological transition. He works, in particular, on CBDCs and green monetary policies.

Menelaos Markakis, Erasmus University Rotterdam

Associate Professor of International and European Union Law at Erasmus University Rotterdam and Scientific Coordinator of the Erasmus Center for Economic and Financial Governance. He is also Co-Chair of the Benelux Chapter of the International Society of Public Law and Book Reviews Editor for the European Law Review. He teaches and researches public law and EU law. His core expertise is the law of the Economic and Monetary Union and the European Banking Union.

Giovanni Zaccaroni, University of Milano-Bicocca

Associate professor of European Union law at the School of Law of the University of Milano-Bicocca and was previously holding teaching and research positions in Malta, in Ireland, and in Luxembourg.

Gabriella Gimigliano, University of Siena

PhD, is senior lecturer in economic law at the Business and Law Department of the University of Siena. She was awarded with a Jean Monnet Module (2013-2016) and then with a Chair in EU Money Law (2018-2021). As for her research activity, Gabriella is specialized in money law and law of payment systems. Indeed, among other things, She has co-edited with Prof Marta Bozina Beros (University of Pula, Croatia) a Commentary (Edward Elgar Publishing) on the 2015 Payment Services Directive (please, see cv enclosed).

Luca Fantacci, University of Milan

Professor of economic history and political economy at Università degli Studi di Milano. He also teaches financial history at Bocconi University. Together with Massimo Amato he wrote The End of Finance (2012), Saving the Market from Capitalism (2014) and A Fistful of Bitcoins: The Risks and Opportunities of Virtual Currencies (2020). He is consultant for the Committee on Finance and Banking at the Italian Senate.

Francesca Matassoglio, University of Milano-Bicocca

Full Professor of Economic Law at the University of Milan-Bicocca, where she teaches Banking and Financial Market Law. He holds a PhD in Constitutional Law and is a member of the PhD Committee of Business for Society (Bicocca University). Its research is now focused on Fintech, with a particular attention on regulating the DLT phenomenon and AI.  She wrote 4 monographs and over 80 other publications.

Stelvio Cimato, University of Milan

Associate Professor with the Department of Computer Science of the Università degli Studi di Milano. He got the Ph.D in Computer Science at the University of Bologna, Italy in 1999. His main research interests are in the areas of cryptography, network security, and Web applications. He has published several papers in the field and is active in the community, serving as a member of the program committee of several international conferences in the area of cryptography and data security.

Giuseppe Ferrero, Bank of Italy

Giuseppe Ferrero joined the Research Department of the Bank of Italy in 2002. He is Head of the Monetary Policy Division and member of international working groups on monetary policy and the financial system. He holds a PhD in Economics from Universitat Pompeu Fabra (Barcelona). His research focuses on unconventional monetary policies, the role of expectations and uncertainty in economic decision-making, and the impact of new forms of digital money on the economic and financial system.

Irene Tagliamonte, Commissione Nazionale per le Società e la Borsa

She earned a PhD in Law and Economics from LUISS University in 2008. She was a Visiting Scholar at Stanford Law School in 2007 and obtained a Master of Laws with Merit in Banking and Finance from the London School of Economics in 2002. Since February 2025, she has been Head of the Regulatory Impact Analysis Office, Research and Regulation Division.

Silvia Attanasio, Associazione bancaria italiana

Head of Innovation in ABI since May 2019, President of ABI Lab since March 2023, formerly Member of the ECB Digital Euro Market Advisory Group, now hard worker on CBDC both retail and wholesale. 

Graduated in Statistical Science and Economics, she worked for more than 15 years starting from its foundation in ABI Lab Consortium. Since 2017 she has been project leader for the Spunta project, an initiative of implementation of DLT applied to the Interbank reconciliation process, until its production phase in 2020.

Giovanni Tria, University of Rome Tor Vergata

Economist. Former Minister of Economy and Finance from June 1, 2018, to September 5, 2019, in the Conte I government. A law graduate, he taught Economics, Macroeconomics, and History of Economic Thought at the Universities of Perugia and La Sapienza in Rome. He was a full professor of Political Economy at the University of Rome Tor Vergata until October 31, 2018. From 2002 to 2009, he was Director of the CEIS Tor Vergata (Centre for Economic and International Studies). In 2017, he was elected Dean of the Faculty of Economics.

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Published

October 14, 2026

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