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 Faculty of Economics, Administrative and Social Sciences - iisbf@gelisim.edu.tr


21 July 2021 Wednesday
Christine Lagarde, President of the European Central Bank (ECB), made new statements about the digital euro.
Lagarde said that they have decided to move up a gear and start te investigation phase of the digital euro project. Fabio Panette, Executive Board Member of European Central Bank, is also said that they are entering the age of digital money. Digital money is emerging in response to changes in society and technology, he added. Panette said that digitalisation is reaching all areas of our lives today. The coronavirus (COVID-19) pandemic has shown just how fast such change can happen. And this is affecting the way we pay. We are increasingly buying digitally and online. The role of cash as a means of payment is declining. Online payments bring important benefits such as convenience, speed and efficiency. But they also pose risks in terms of privacy, safety and accessibility. And they can be expensive for some users. Digital payments are still used more by consumers with higher incomes, whereas the preference for cash is higher among those with lower incomes, reflecting its essential role for financial inclusion.
 
He continued with the statement and said that central banks cannot ignore these developments. Over many centuries, the sovereign has provided its own currency to citizens as a symbol of stability, safety and trust. Providing money as a public good is central to the mission of central banks. Given the digital transformation under way, which has the potential to transform the payments landscape and even the entire financial system, central banks must be bold and keep up with the pace of change. Today, the Governing Council of the European Central Bank has therefore decided to formally launch a project to get ready for the possible issuance of a digital euro. In concrete terms, this means that we will commit the resources necessary to design a marketable product, he added to his statement. But a decision about whether or not to issue a digital euro will only come at a later stage. And in any event, a digital euro would complement cash, not replace it. Our first step – the Eurosystem’s report on a digital euro – laid the groundwork and identified the rationale for potentially issuing a digital euro. In the first step, ECB will done a research period to see practicality of the digital euro.


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