What the EU is doing and why
The digital euro, a digital form of central bank money, would offer greater choice to consumers and businesses in situations where physical cash cannot be used. However, the digital euro would be a complement to cash, which should remain widely available and useable.
In the context of the EU’s digital transition, the digital euro could support the EU’s digital finance and retail payments strategies described above, given its potential as an additional, innovative and safe means of payment.
The digital euro could ensure that central bank money in both its physical and future digital form is widely available to and accepted by users in the euro area, promotes accessibility and financial inclusion, and is tailored to user’s needs, while preserving financial stability. The digital euro could also facilitate the development of pan-European and interoperable retail payment solutions, as well as foster efficiency, innovation and resilience in the EU’s digitalising economy.
Lastly, the digital euro could increase the international role of the euro and support the EU’s open strategic autonomy.
Policy making timeline
- 28 June 2023Legislative proposal
The Commission adopted a legislative proposal on a digital euro for the EU.
- 7 November 2022High level conference
The Commission and the ECB jointly organised a high level conference entitled "Towards a legislative framework enabling a digital euro for citizens and businesses".
- 5 April 2022Consultation
The Commission launched a targeted consultation on a digital euro.
End date: 16 June 2022
- 14 July 2021Investigation phase
The ECB launched the investigation phase of the digital euro project.