Following a first report in October 2020 followed by a public consultation in November, the Board of Governors of the European Central Bank decided today to «Formally launch» a project aimed at preparing «The possible issue of a digital euro». The project will begin with two years of conceptual research and prototyping followed by an implementation phase. «Which could last three years».
» The Governing Council of the European Central Bank has today decided to formally launch a project aimed at preparing the possible issue of a digital euro. This means, in concrete terms, that we are going to allocate the necessary resources to the design of a product that can be put on the market. However, the decision whether or not to issue a digital euro will not be taken until later. « – Fabio Panetta, member of the Executive Board of the European Central Bank.
While no technical solution has yet been defined, the ECB does not rule out using a simple «Centralized register», solution «Potentially easier to manage and more efficient», or even to spare «An economic model» for «Supervised intermediaries within the digital euro ecosystem». In other words, the ECB could very well be satisfied with a simple lick of paint on the existing system and continue to entrust supervisory activities to commercial banks which, in return, will retain their privileges, in particular that of creation. monetary.
To be continued…
Sources: ecb.europa.eu – Article by Fabio Panetta on the ECB blog