"The key points for me are : Money is a public good; central banks are the custodian of that public good; and central money issued by central banks has to have its digital form, because we're moving into a different era where not everybody will want necessarily to have banknotes."
"Two thirds of digital payments in the Euro area are intermediated by non-European companies, both for digital payments at the point of sale and digital payments online."
"The reason why this is so is that European banks did not agree until now on ways to provide their services to the entire Euro area,"
"They don't have what is called in technical terms a 'rail', the infrastructure to provide, to offer their digital payment services to all European citizens."
The ECB Governing Council decided the euro area needs a digital euro and ordered work aiming for circulation by 2029. A preparation phase launched in November 2023 concluded successfully and the project will now move into development. The digital euro is intended to preserve central bank money as a public good in digital form while responding to declining cash use. The digital currency aims to reduce reliance on non‑European payment intermediaries and to provide infrastructure that enables European banks to offer cross‑border digital payment services across the Euro area.
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