欧洲议会：2025年稳定币和数字欧元：欧洲货币政策的敌或友？（英文版）

In this paper, we analyse potential impacts that dollardenominated stablecoins could have on monetary policy. We also consider related questions about the introduction of the digital euro. Based on our findings, the adoption of stablecoins in Europe is unlikely to be large-scale without state support. The development of the digital euro with full state and central bank backing is more likely to succeed. To be a viable alternative to private payment options, the digital euro needs to be carefu