Accessing Our Funds Anytime, Anywhere with the Digital Euro

Fabio Panetta, Member of the Executive Board of the ECB, addressed the Committee on Economic and Monetary Affairs of the European Parliament to discuss the investigation into a digital euro. The ECB has prioritized involving the European Parliament in the investigation phase and has valued the feedback received from public and private stakeholders. The shift towards digital payments is evident, with cash payments in the euro area decreasing and digital payments becoming more popular. However, people still value the option to pay with public money. A digital euro would provide Europeans with a convenient and accessible means of payment, complementing cash and other electronic payment methods. The ECB aims to design a digital euro that is easily usable throughout the euro area, with a focus on universal accessibility and usability. The digital euro would not replace other payment methods but would offer additional benefits and functionalities. Privacy and data protection are important considerations, and the ECB is working on solutions that preserve privacy by default and give individuals control over their payment data. The ECB is also exploring different options for using a digital euro, including integration with existing banking platforms and the development of a digital euro app. The work agenda for 2023 includes finalizing the design options, prototyping, and seeking input from the market. The decision to issue a digital euro will be taken at a later stage, following the adoption of a legislative act by the Parliament and the Council of the EU.

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