According to a February 20 announcement, the European Central Bank (ECB) is expanding the development of a wholesale central bank digital currency (CBDC) payment system to settle transactions between institutions. The establishment of the new system will be carried out in two stages. First, a CBDC settlement platform will be developed, while the second phase involves a deeper integration with existing ECB systems, such as the Forex trading market. Piero Cipollone, a member of the ECB Executive Committee and a central bank official who oversees the wholesale CBDC program, said the plan would help achieve a “more coordinated and integrated European financial ecosystem.”