Lagarde to leave ECB with Europe’s tokenized-finance blueprint still undecided
The Eurosystem’s Appia consultation, based on 127 responses, leaves open how central bank money should settle transactions across Europe’s tokenized financial markets. Respondents see trade-offs between a single network’s liquidity and efficiency, multiple networks’ choice and competition, and a limited set of eligible networks with shared standards. The latter was widely suggested, but its feasibility and safeguards for Eurosystem control remain under study. Stakeholders emphasized objective access rules, neutral shared infrastructure and interoperability to prevent fragmented liquidity and collateral. Appia aims to deliver a broader ecosystem blueprint by 2028. Meanwhile, Pontes has launched to connect market DLT platforms with TARGET Services; longer operating hours are targeted for mid-2027 and round-the-clock service for 2028. Christine Lagarde plans to leave the ECB presidency on Feb. 7, 2027; no successor has been named.
