A report from the European Union into central bank-backed digital currencies says they could pave the way for a more stable financial system, reports Finextra. The paper says such a move would encourage consumers to switch their accounts from traditional lenders (ie retail banks) and instead hold their deposits in digital currency accounts. This would force banks to come up with more reliable funding sources than deposits "and such a disruptive change is not necessarily a bad development". Bank of America has relocated three senior UK-based executives to Paris from London as it accelerates its Brexit preparation, reports the FT. Business leaders are growing increasing frustrated at the lack of progress on political negotiations on the terms of the UK's exit from the EU, timetabled for next March. The FT also reports that the European Banking Authority is warning that bank's Brexit plans are inadequate, putting it at odds with the Bank of England. The EBA said banks could not rely on a transitional agreement beyond that date, and warned that "financial stability should not be put at risk because financial institutions are trying to avoid costs".