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ECB sees opportunity to launch digital euro by 2025

March, 31 2021
watermark Economic news

The head of the European Central Bank (ECB) Christine Lagarde said that the regulator could launch the digital euro around the middle of this decade, in 2025.

In her interview, Lagarde noted that the main task of the ECB is to ensure the correct approach to the process of creating a digital European currency, which can take several years. «This is a technical project and also a fundamental change. We have to make sure we don't break the system, but we will improve it», Lagarde said.

The ECB intends to publish an analysis of the 8,000 responses received in a public consultation on a potential digital currency launch. Further, the analysis will be sent to the European Parliament, and then – to the ECB Governing Council, which by the middle of this year will decide whether to continue this experimental work. The final decision on whether to introduce digital currency at all will be made six months or a year after that.

The European Central Bank has said it is considering issuing a digital euro to prepare for the digital age. The European Commission, in turn, noted that the digital euro can support the digitalization of the entire EU economy, which is one of the most important elements of the EU's development.

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