On October 30th, Bankenverband, representing more than 200 private commercial banks and 11 member associations, said in the paper: "The economy needs a programmable digital euro." The document states that the responsibility of the monetary system belongs to the sovereign nation state, and any currency provided by the bank or private company must be suitable for the system determined by the state. Anything else will eventually lead to confusion and instability. These banks have suggested establishing a cryptographic-based digital euro in the context of establishing a concurrent, universal pan-European payment platform. The report states that in order to maintain Europe's competitiveness, meet customer needs and reduce transaction costs, consideration should be given to introducing a euro-based programmable digital currency.