Fabio Panetta, Member of the Executive Board of the European Central Bank (ECB), addressed the Committee on Economic and Monetary Affairs of the European Parliament in Brussels on September 29, 2022. He expressed his satisfaction with the progress made in the investigation phase of the digital euro project, which is about to enter its second year. Panetta highlighted the previous discussions on privacy, use cases, and offline functionality of a digital euro, as well as its potential impact on financial stability. Based on valuable input from stakeholders, the ECB’s Governing Council has endorsed a set of foundational design choices, including options to replicate cash-like features and enhance privacy for low-value transactions. The design will also incorporate tools to limit excessive use of the digital euro as an investment. Panetta emphasized that the approval of these design choices does not determine whether the project will move to the realization phase or if a digital euro will ultimately be issued. He assured ongoing collaboration with the European Parliament during the legislative discussions on a regulation for the digital euro.
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