Nie ma wersji polskiej
Elena Banu
International & European Relations
- Division
EU Institutions & Fora
- Current Position
-
Economist
- Fields of interest
-
Financial Economics,International Economics
- Education
- 2011-2013
MA in International Financial Risk Management, Bucharest University of Economic Studies
- 2008-2011
BA in International Business and Economics, Bucharest University of Economic Studies
- Professional experience
- 2020-2024
Supervisor, Directorate On-site and Internal Models Inspections , European Central Bank
- 2019-2020
Financial Stability Expert, Directorate Macroprudential Policy and Financial Stability, European Central Bank
- 2018-2019
Financial Stability Expert, European Systemic Risk Board Secretariat, European Central Bank
- 2013-2018
Economist, Financial Stability Department, National Bank of Romania
- 13 April 2026
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 33Details
- Abstract
- This article describes the current landscape of tokenised assets, illustrating the potential benefits across the entire asset value chain – from issuance to distribution and sales. As the Eurosystem is working towards enabling the settlement of distributed ledger technology (DLT) transactions using central bank money with a pilot by the end of the third quarter of 2026, we examine key enablers and barriers to unlocking the benefits of tokenisation for a digital capital market in Europe while safeguarding financial stability. These include the need for on-chain secondary market liquidity to enable scaling, as well as adaptations and harmonisation of the regulatory framework. Based on these findings, this article highlights how tokenisation, if it scales more widely, could contribute to the savings and investments union (SIU) agenda in two major ways. First, it offers an opportunity to create a European digital asset ecosystem from the early stages, in contrast to the fragmented market for traditional financial instruments, which developed from national markets. Second, it has the potential to improve market liquidity and efficiency, which can ultimately increase the scalability and development of capital markets in Europe. In turn, this could facilitate a more efficient allocation of capital within the economy. Lastly, developing a DLT ecosystem relying on European governance and based on assets denominated in euro is essential to maintaining monetary sovereignty and strategic autonomy. Finally, this article discusses the role of public authorities – including central banks, in providing the conditions for innovation to develop in a safe and resilient manner.
- JEL Code
- F36 : International Economics→International Finance→Financial Aspects of Economic Integration
G10 : Financial Economics→General Financial Markets→General
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 27 June 2025
- THE ECB BLOGDetails
- JEL Code
- G15 : Financial Economics→General Financial Markets→International Financial Markets