Digital euro, European Commission launches targeted consultation

Digital euro European Commission launches targeted consultation

(Finance) – The European Commission today launched a targeted consultation ondigital euro. “The digital euro – explains the EU Commission in a statement – is the central bank’s digital form of money directly accessible to users, which integrates cash. The digital euro could offer cross-border solutions for payments and the spread of instant payments . It could foster innovation and competition in payments and strengthen the EU’s open strategic autonomy. It could also respond to the new payment needs of industry 4.0 “.

In this scenario – explains the note – the European Central Bank (ECB) and the Commission are jointly examining, at a technical level, a wide range of political, legal and technical issues relating to the possible introduction of the digital euro. The Commission states that it wishes to “gather the views of interested parties on users’ needs and expectations regarding the digital euro and on how to make it available for the retail trade, while at the same time preserving the legal tender of cash”. There consultation – underlines the Commission – also aims to gather views on the role of the digital euro in retail payments and in the digital economy of the EU, on its impact on the financial sector and on financial stability, as well as on anti-money laundering and protection aspects. some data”.

“In recent years, digitization has led to innovative changes in the financial system, with the increasing use of digital means of payment by consumers. It is expected – he says Mairead McGuinness, Commissioner for Financial Services – that this trend continues in the future. As private payments digitize, central bank money also needs to be modernized. The digital form would allow the euro to remain relevant in a digital world and help make the euro accessible to all by adding to cash. “

“The digital euro – underlines Paolo Gentiloni, Commissioner for the Economy – it will offer important opportunities for our economy. By adapting the public currency to the 21st century, we can strengthen the role of the euro on the international stage and support the EU’s open strategic autonomy “.

There targeted consultation integrates the public consultation conducted by the ECB between October 2020 and January 2021. It also fits into the context of Commission strategies on digital finance and retail payments of September 2020, which supported competitive pan-European payment solutions and the design of the digital euro, while continuing to preserve the legal tender status of the euro in cash. It is possible to participate in the consultation, which will last four weeks, in the appropriate section on the European Commission’s website.

(Photo: Cristof Echard – © European Union)

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