Socio-Economics History Blog

Socio-Economics History Blog

ECB Press Release: Eurosystem Launches Digital Euro Project

by mosesman

  • Eurosystem Launches Digital Euro Project
    by https://www.ecb.europa.eu/home/html/index.en.html, 14 July 2021
    * Investigation phase of digital euro project to last 24 months
    * Design to be based on users’ preferences and technical advice by merchants and intermediaries
    * No technical obstacles identified during preliminary experimentation phase
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    The Governing Council of the European Central Bank (ECB) has decided today to launch the investigation phase of a digital euro project. Following the decision, the President of the Eurogroup Paschal Donohoe joined the meeting, congratulated the Governing Council and expressed his full support for the project.
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    “It has been nine months since we published our report on a digital euro. In that time, we have carried out further analysis, sought input from citizens and professionals, and conducted some experiments, with encouraging results. All of this has led us to decide to move up a gear and start the digital euro project”, says ECB President Christine Lagarde. “Our work aims to ensure that in the digital age citizens and firms continue to have access to the safest form of money, central bank money”.
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    The investigation phase will last 24 months and aim to address key issues regarding design and distribution. A digital euro must be able to meet the needs of Europeans while at the same time helping to prevent illicit activities and avoiding any undesirable impact on financial stability and monetary policy. This will not prejudge any future decision on the possible issuance of a digital euro, which will come only later. In any event, a digital euro would complement cash, not replace it.
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    “We will engage with the European Parliament and other European decision-makers and inform them regularly about our findings. Citizens, merchants and the payments industry will also be involved”, says ECB Board Member Fabio Panetta, Chair of the High-Level Task Force on a digital euro.
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    read more.
Report on a digital euro

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