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 phases. First, the CBDC settlement platform will be developed, while the second phase involves deeper integration with existing ECB systems, such as the foreign exchange trading market. Piero Cipollone, a member of the ECB's executive board and a central bank official overseeing the wholesale CBDC scheme, said the scheme would contribute to a "more coordinated and integrated European financial ecosystem".