The ECB launched the digital euro project in its exploratory phase, after a non-monetary policy board of directors attended by Eurogroup president Pascal Donohue who gave full support to the operation. This was read in a statement from the ECB. Christine Lagarde, president of the ECB, spoke of the “encouraging results” of the consultations with citizens, professionals and analyzes and experimental tests. “All this pushed us to take a step further and start the digital euro project”.
“It has been nine months since we published our report on the digital euro. In that period we carried out further analyzes, asked citizens and professionals for ideas, and conducted some experiments, with encouraging results. All this led us to decide to change gear and start the digital euro project ”. This is what the president of the ECB Christine Lagarde said in the statement. “Following the decision – reads the ECB statement – Eurogroup president Paschal Donohoe joined the meeting, congratulated the Governing Council and expressed his full support for the project”. “Our work – added Lagarde – aims to ensure that in the digital age, citizens and businesses continue to have access to the safest form of money, central bank money”.
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“The Governing Council of the ECB decided today to start the preliminary phase of a project on the digital euro. The investigation phase will last 24 months and will aim to address the key issues concerning design and distribution ”. This is what Fabio Panetta, member of the ECB board of directors, writes in a letter sent to Irene Tinagli, president of the European Parliament’s Economic and Monetary Affairs Commission, published on the central bank’s website. “A digital euro – writes Panetta – must be able to meet the needs of Europeans and at the same time help prevent illegal activities and avoid any unwanted impact on financial stability and monetary policy”. Today’s decision, adds Panetta, does not affect the future decision on the possible effective issue of a digital euro, a decision that will come only later. “In any case – concludes Panetta – a digital euro would supplement the cash, not replace it”.