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Related Pages
The digital euro project
Pre-project phase
The digital euro project started in 2020, with a reflection on its core requirements, what scenarios might warrant its issuance, its potential impacts and alternatives for technical implementation. The findings of this reflection were published in the Report on a digital euro in October 2020.
A public consultation on the digital euro project took place between 12 October 2020 and 12 January 2021.
The public consultation report was published in April 2021. According to respondents, the preferred features of a digital euro were privacy, security, usability across the euro area, low cost and offline use. Most respondents consider that intermediaries can play a role in a digital euro ecosystem, mainly through providing innovative and efficient services and integrating a digital euro with existing offerings.
At the same time, the ECB and the national central banks of the euro area conducted experiments to assess the technological feasibility of alternatives for implementing a digital euro.
Investigation phase
In July 2021 the Governing Council of the ECB decided to launch the digital euro investigation phase. This phase started in October 2021 and was expected to last 24 months.
During the investigation phase, the Eurosystem decided on priority use cases, the technical and functional design of a digital euro, how to distribute it and the role of intermediaries, taking into account users’ needs. The design of the digital euro was based on an analysis of the impact it may have on the market, ensuring that it is attractive to people, businesses, intermediaries, and the economy as a whole, and that risks are appropriately mitigated.
Key moments of this conceptual work phase:
- Publication in March 2022 and March 2023 of the results of studies with focus groups of payment service users in all euro area countries;
- Selection of service providers for prototyping user interfaces;
- Presentation of the results of the prototyping exercise, for both user interfaces and the back-end infrastructure of a digital euro;
- Publication of the report of the market research on service providers (in-house, i.e. Eurosystem central banks, or external) to develop and operate the different digital euro components.
- Publication of progress reports in September 2022, December 2022, April 2023 and July 2023.
The digital euro Market Advisory Group (MAG) was created and the Euro Retail Payments Board (ERPB) was consulted to gather market agents’ views.
On 28 June 2023, the European Commission published a proposal for a regulation on the digital euro, in the context of the Single Currency Package.
Preparation phase
On 18 October 2023, the Governing Council decided to move to the preparation phase of the digital euro project.
The aim of this phase is to ensure that the Eurosystem is ready to issue a digital euro once the Governing Council decides to do so and the legislative process has been completed.
The preparation phase of the digital euro project will consist of two parts:
- The first part should last 24 months starting on 1 November 2023. It will involve finalising the digital euro scheme rulebook (setting rules, standards and procedures for the harmonious implementation of digital euro payments across the euro area); selecting providers who could develop a digital euro platform and infrastructure; as well as additional experimentation related to the digital euro design, and further analysis related to aspects such as user experience, financial inclusion and environmental footprint;
- The second part will start after a further decision by the Governing Council. This later stage would encompass the implementation of the digital euro scheme rulebook, the development of the components by contracted service providers and pilot testing.