This paper discusses the introduction of a general-purpose Central Bank Digital Currency (CBDC) by the European Central Bank (ECB) that is directly accessible to consumers through national central banks (NCB). This paper finds that it is not possible to introduce such a system under the ECB’s monetary mandate. The aim of direct access is to promote the socio-economic inclusion of the unbanked. This aim is not monetary but economic. Therefore such an introduction should be in accordance with the economic mandate of the ECB. This paper first analyses the legal foundation in “Legal foundation” section upon which CBDC can be introduced. It finds that it is possible to introduce CBDC based upon the ECB’s authority to issue legal tender. However, this would not provide a sufficient foundation to provide for direct access. Nor does article 17 of the ESCB Statutes provide the legal foundation for direct access. New legislation would have to be drafted for the ECB to introduce a CBDC system with direct consumer access. Even with this new legal foundation, the ECB would have to comply with its economic mandate. This article first analyses the extent of the economic mandate in “Framework” section. It then continues by discussing the aim of the economic mandate in “Aim” section. It finds that the socio-economic inclusion of unbanked is an aim consistent with the Treaties. The aim of general purpose CBDC, therefore, complies with the ECB’s economic mandate. The paper in “Efficient allocation of resources” section then discusses the criterion of efficient allocation of resources. It finds that the introduction of general purpose CBDC does not comply with this criterion. When introducing CBDC with direct access through NCBs the ECB is competing with commercial banks. This competition should be considered unfair based upon the ECB’s exclusive power to issue legal tender and the public status of NCBs. Since the issue of unbanked in the EU is limited and decreasing, there is not enough reason to consider offering a bank account as a Service of General Economic Interest. The introduction of directly accessible general purpose CBDC would therefore be unlawful.

本文讨论了欧洲中央银行 (ECB) 引入的通用中央银行数字货币 (CBDC)，消费者可以通过国家中央银行 (NCB) 直接访问该数字货币。本文认为，在欧洲央行的货币授权下引入这样的系统是不可能的。直接访问的目的是促进没有银行账户的人的社会经济包容。这个目标不是金钱上的，而是经济上的。因此，这种引入应该符合欧洲央行的经济使命。本文首先在“法律基础”部分分析了可以引入 CBDC 的法律基础。它发现可以根据欧洲央行发行法定货币的权力引入 CBDC。但是，这不会为提供直接访问提供足够的基础。ESCB 章程第 17 条也没有为直接访问提供法律基础。必须为欧洲央行起草新的立法，以引入直接消费者访问的 CBDC 系统。即使有了这个新的法律基础，欧洲央行也必须遵守其经济使命。本文首先在“框架”部分分析了经济任务的范围。然后继续在“目标”部分讨论经济任务的目标。它发现，无银行账户的社会经济包容是符合条约的目标。因此，通用 CBDC 的目标符合欧洲央行的经济使命。“资源的有效配置”部分的论文随后讨论了资源有效配置的标准。它认为引入通用 CBDC 不符合这一标准。在引入通过 NCB 直接访问的 CBDC 时，欧洲央行正在与商业银行竞争。基于欧洲央行发行法定货币的专属权力和 NCB 的公共地位，这种竞争应被视为不公平。由于欧盟的无银行账户问题有限且正在减少，因此没有足够的理由考虑提供银行账户作为具有一般经济利益的服务。因此，引入可直接访问的通用 CBDC 是非法的。没有足够的理由考虑提供银行账户作为具有一般经济利益的服务。因此，引入可直接访问的通用 CBDC 是非法的。没有足够的理由考虑提供银行账户作为具有一般经济利益的服务。因此，引入可直接访问的通用 CBDC 是非法的。