France and Germany are at a crossroads. Banque de France Governor François Villeroy de Galhau and Bundesbank President Joachim Nagel have published a common call for three things.

The digital euro is not intended as a substitute for existing products, Bundesbank Executive Board member Burkhard Balz underscored at a joint Bundesbank-Oesterreichische Nationalbank conference where experts and central bankers discussed the usefulness of the digital euro for everyday payments and the financial markets. They also addressed potential challenges associated with its introduction.