Il sistema monetario alla prova dell’euro digitale: opportunità e sfide della "nuova" moneta unica
Sinossi
Il volume raccoglie, in forma rielaborata ed aggiornata, le relazioni presentate alla Conferenza “Il sistema monetario alla prova dell’Euro digitale: opportunità e sfide della “nuova” moneta unica”, svoltasi il 13 maggio 2025 presso l’Università degli Studi di Milano nell’ambito delle attività della Cattedra Jean Monnet The Future of Money and Finance between Blockchain and Sustainability. I contributi dei diversi Autori offrono riflessioni scientifiche, in una prospettiva multidisciplinare, sulle principali trasformazioni indotte dalle innovazioni tecnologiche e digitali nel quadro del sistema monetario europeo e internazionale, con particolare attenzione al progetto dell’euro digitale, attualmente in fase di sviluppo da parte della Banca centrale europea e delle altre istituzioni dell’UE.
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Capitoli
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Introduzione
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La sovranità digitale
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Stabilità monetaria e valute digitali: il ruolo del Fondo Monetario Internazionale
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Il fenomeno delle Central Bank Digital Currencies nel contesto internazionale
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Il Progetto dell’Euro digitale: da idea a proposta legislativa…e oltre?
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The accountability of the European Central Bank for the digital euro
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L’euro digitale come strumento innovativo di politica monetaria
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L’euro digitale nell’evoluzione dei sistemi di pagamento
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La moneta nella storia: dal “baratto” all’euro digitale
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Moneta e tecnologia: come IA e DLT stanno trasformando il sistema monetario
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Central Bank Digital Currencies: opportunità, rischi e benefici per la sicurezza
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La moneta digitale di banca centrale: perché?
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Moneta digitale, mercato dei capitali e DLT Pilot Regime: un primo bilancio
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Il ruolo delle banche per la diffusione dell’Euro digitale, fra bene pubblico e innovazione
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Conclusioni. Verso una nuova Bretton Woods?
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Banca centrale europea, Preparation Phase of a Digital Euro – Closing Progress Report, 2025, disponibile all’indirizzo: https://www.ecb.europa.eu/euro/digital_euro/progress/html/ecb.deprp202510.en.html
Banca dei regolamenti internazionali, Project Polaris - A high-level design guide for offline payments with CBDC, October 2023, https://www.bis.org/publ/othp79.pdf
Bayón P.S., Current and Future Central Bank Digital Currency (CBDC) Projects, in P. Semp ere (ed.), Governance and Control of Data and Digital Economy in the European Single Market, Cham, 2025, p. 309 ss.
Burnett S., CBDC Regulations Statistics 2026: What Regulators Don’t Want You to Know, in CoinLaw, dicembre 2025, https://coinlaw.io/cbdc-regulations-statistics/
Caccia E., Tapking J., Vlassopoulos T., Central Bank Digital Currency and Monetary Policy Implementation, in ECB Occasional Paper Series No 345, 2024, disponibile all’indirizzo: https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op345~4b4eeee055.en.pdf
CBDCs: What are the distinctions between wholesale and retail?, in CFA Institute, 25 aprile 2024, https://www.cfainstitute.org/insights/articles/cbdcs-distinctions
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Flemm ing F.C., Central Bank Digital Currency: A Literature Review, novembre 2020, https://www.federalreserve.gov/econres/notes/feds-notes/central-bank-digital-currency-a-literature-review-20201109.html
Gurrado, G. Stablecoins vs CBDCs: the Digital Money Race in the Scientific and Social Networks, Università Bocconi. MIlan: AFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, 2025
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La moneta digitale di banca centrale: perché?
Banca centrale europea, Progress report on the digital euro, 2023
Banca centrale europea, Digital euro: preparation phase (documentazione e materiali della fase di preparazione), 2024
Banca dei regolamenti internazionali, Impending arrival – a sequel to the survey on central bank digital currency, 2020, disponibile all’indirizzo: https://www.bis.org/publ/bppdf/bispap107.pdf
Banca dei regolamenti internazionali, Central Bank Digital Currencies: System Design and Interoperability, 2021, disponibile all’indirizzo: https://www.rdmf.es/wp-content/uploads/2021/10/Central-banks-and-the-BIS-explore-what-a-retail-CBDC-might-look-like.pdf
De Bonis R., Ferrero G., La verità, vi prego, sulla moneta digitale di banca centrale, in Nuova Antologia, 2020, p. 17 ss.
De Bonis R., Ferrero G., Tecnologia, finanza, moneta e istituzioni, in Rivista di Politica Economica, 2020, p. 165 ss.
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Moneta digitale, mercato dei capitali e DLT Pilot Regime: un primo bilancio
AFME, DLT-Based Capital Market Report, September 2025
AFME, The Impact of Distributed Ledger Technology in Capital Markets, 2025
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Agur I., Villegas-Bauer G., Mancini-GriffFFoli T., Martinez Peria M. S., Tan B, Tokenization and Financial Market Inefficiencies, IMF Fintech Note/2025/001
Assogestioni, White Paper Oltre le criptovalute – Tecnologie a registro distribuito a servizio dell’asset management, 2023
Banca dei regolamenti internazionali, Tokenisation in the context of money and other assets: concepts and implications for central banks, 2024
Carrière P., de Luca N., de Mari M., Gasparri G., Poli T.M., Tokenizzazione di azioni e azioni tokens, in Quaderni Giuridici Consob, 2023
Carstens A., Nilekani N., Finternet: the financial system for the future, BIS Working Papers, No.1178/2024
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Il ruolo delle banche per la diffusione dell’euro digitale, fra bene pubblico e innovazione
Associazione Bancaria Ialiana (ABI)
Analisi e indagini sui temi di innovazione e position paper:
https://www.abi.it/mercati/innovazione/
Risposta alla Have Your Say della Commissione europea:
Banca Centrale Europea (BCE )
Sintesi del progetto:
https://www.ecb.europa.eu/paym/digital_euro/features/html/index.it.html
Rapporti sull’euro digitale:
https://www.ecb.europa.eu/home/search/html/digital_euro.en.html
Documenti degli incontri con Euro Retail Payments Board (ERPB), Market Advisory Group (MAG) e Rulebook Development Group (RDG):
https://www.ecb.europa.eu/paym/digital_euro/governance/html/index.en.html
Bando per i fornitori:
https://www.ecb.europa.eu/paym/intro/news/html/ecb.mipnews240103_1.en.html
Banca dei regolamenti internazionali – Bank for International Settlements (BIS )
Indagine con le banche centrali sulle central bank digital currencies (CBDC):
https://www.bis.org/publ/bppdf/bispap136.htm
Comm issione europea
Proposta legislativa:
https://finance.ec.europa.eu/publications/digital-euro-package_en

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