French central banker, François Villeroy de Galhau, spoke at the Global Official Institutions Conference hosted by BNP Paribas, where he emphasized the benefits of a digital euro or “Cash+.” He suggested that central bank money should not be limited to paper and that a crisis of trust would eventually arise without it. The digital euro will not lead to disintermediation, and commercial banks will have the option to collaborate in the rollout. The goal is to prevent non-European players from issuing stablecoins and to foster tokenized finance and securities. Villeroy de Galhau also noted that the European regulation and supervision framework has kept the banking system safe, but the acquisition of Credit Suisse by UBS raised new questions about reliable crisis resolution. If approved by the ECB Governing Council, the digital euro will be gradually rolled out beginning in 2027 or 2028.