April 22, Tobias Berg
Date: 22 April 2026, Wednesday Time: 10.30 – 11.30 Online "CBDCs, Payment Firms, and Geopolitics" by Tobias Berg Geothe University Frankfurt Abstract We analyze the effect of a major central bank digital currency (CBDC) – the digital euro – on the payment industry to find remarkably heterogeneous effects. Stock prices of U.S. payment firms decrease, while those of European payment firms increase in response to positive announcements on the digital euro. Bank stocks do not react significantly. We estimate a loss in market capitalization of USD 127 billion for U.S. payment firms, vis-à-vis a gain of USD 23 billion for European payment firms. Our results emphasize the medium-of-exchange function of CBDCs and point to the important role of geopolitical considerations in designing financial architecture. Bio Tobias Berg is Professor of…





