FCA and Bank of England set out shared vision for tokenisation in UK wholesale markets

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Piero Cipollone: Digital assets, payment efficiency and monetary policy

The desk views the ECB's proactive stance on digital assets as a pivotal moment for the eurozone's financial landscape, particularly in enhancing payment efficiency and monetary policy effectiveness. Per the full note [source], Piero Cipollone emphasized the necessity of tokenised central bank money to facilitate a robust digital finance ecosystem. This aligns with our consensus target of 1.075 for EUR/USD, as firms anticipate a significant shift in liquidity dynamics and market structure due to these innovations. The upcoming CPI data on June 2 could serve as a catalyst for market reactions to these developments.