日前，欧洲中央银行（下称“欧央行”）在报告中称，如果一国央行不发行数字货币，其金融体系和货币自主权可能面临威胁。创建数字欧元(1.2109, -0.0018, -0.15%)可以让支付或储蓄变得更容易，从而提高欧元的国际地位。今年夏天，欧央行将正式作出决定，是否要推行数字欧元的试验。
清华大学经济管理学院金融系主任、中国金融研究中心主任何平在接受第一财经记者采访时表示，货币数字化转型重塑了金融体系。如果一国不发行数字货币，而让其他国家抢先，则有可能威胁该国金融体系稳定。
专家：货币数字化转型重塑金融体系
欧央行称，如果一国央行不发行数字货币，可能会产生两大后果：失去对金融体系的控制权、威胁金融体系稳定。
在失去对金融体系控制权方面，欧央行表示，在支付领域，企业和消费者最终可能会依赖少数占主导地位的支付服务提供商，如外国科技巨头。如果支付等业务从银行体系转移到私人运营的数字领域，央行将难以监管，而无人监管的私营网络可能会成为欺诈泛滥和侵犯隐私的灰色地带。
在威胁金融体系稳定方面，欧央行表示，如果一国中央银行不提供数字货币，中央银行制定货币政策的职责和最后贷款人的地位都会受到影响。
何平认为，之所以欧央行强调上述两点原因，是因为货币数字化转型重塑了金融体系。过去，央行利用银行体系来实施货币政策。现在，如果企业和消费者使用数字货币，则可以越过银行，直接使用互联网手段实现支付和跨境资本流动。
何平表示，全球各地的央行都在考虑发行数字货币。如果一国央行不发行数字货币，其他国家发行的数字货币将有可能逐渐渗透本国的支付体系，那么该国央行将失去对本国货币体系的控制。
何平向第一财经记者解释道：“如果欧央行不发行数字欧元，而其他国家发行了数字货币。在欧洲的消费者可以在手机APP上使用这一数字货币以实现支付功能。这只需有人愿意接收，有稳定的兑换机制即可。虽然可能涉及能否兑换成欧元的问题，但如果能大范围流通，是否兑换成欧元可能也不重要。而这一数字货币市场一旦形成，会影响欧元在支付体系中的地位。”
欧央行称，发行数字欧元，有助于规避被其他数字货币挤兑的风险，以此维护支付系统的自主性。不过，需要警惕的是，如果一旦向外国人开放数字欧元，外国人也可能利用数字欧元洗钱，需要设定每个消费者可以拥有数字货币的上限，或强制披露。
报告：欧元区经济的健康和规模更为重要
欧央行称，有鉴于数字货币安全性、低交易成本和捆绑效应等特性，发行数字欧元将促进欧元在国际上的地位。今年1月，欧盟委员会发布草案，称将加强欧元在国际结算中的作用，并寻求削弱美元的国际主导地位。
环球银行金融电信协会（SWIFT）的最新数据显示，今年4月，在主要货币的支付金额排名中，美元、欧元分居前两名，各占全球支付份额的39.77%和36.32%。不过，另据国际货币基金组织（IMF）的数据，欧元去年在全球外汇储备中所占比例略低于22%，远低于美元的59%。
那么，欧央行推进数字货币进程，能否加速欧元国际化进程？
何平认为，这涉及两个问题：其一，是否挑战现有的国际支付体系；其二，是否会影响到美元霸权。
目前，国际支付体系是中心化的，且依赖于金融机构。全球跨境支付、汇款资金的清结算，主要依靠SWIFT系统。几乎所有的金融机构都接入SWIFT平台，通过该平台实现与其他国家银行的金融交易。
何平称，如果全球各国发行数字货币，将有可能使得各国在国际支付体系中互相渗透、互相竞争和博弈。这将带来国际支付体系去中心化，可能对稳定性构成威胁。一般而言，无序竞争往往是有害的。
何平进一步表示，其次，各国发行数字货币，会加速该国货币的国际化。同时，各国也希望寻求在国际货币体系中的话语权和主导权。但是，从目前的表态可以看出，欧央行并不想挑战美元在国际支付体系的垄断地位。
欧央行的研究人员在报告中称：“促进欧元的国际地位并不是发行数字欧元的主要动机，是否允许在跨境支付中使用数字欧元的决定也有待做出。数字欧元可能增加欧元的吸引力，不过欧元区经济的健康和规模更为重要。”
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