ECB President Invites Public Views on Potential Digital Euro

The President of the European Central Bank [ECB] Christine Lagarde requested public views and opinions on a potential central bank digital currency [CBDC] for the eurozone. Describing 2020 as a “difficult year”, Lagarde stated that despite the extraordinary events of the coronavirus crisis, Europe was moving towards a new model for dealing with crises. Her tweet on the eurozone CBDC read,

“We’ve started exploring the possibility of launching a digital euro. As Europeans are increasingly turning to digital in the ways they spend, save and invest, we should be prepared to issue a digital euro, if needed. I’m also keen to hear your views on it”

Attached to a long Twitter thread, the Former Managing Director of the International Monetary Fund [IMF] in a short clip revealed,

“We are still in a review and consideration stage but we have just launched a public consultation so that consumers and Europeans can actually express their preference and tell us whether they would be happy to use a digital euro just in the way they use euro coin or a euro banknote, knowing that is a central bank money that is available and that they can rely upon.”

We’ve started exploring the possibility of launching a digital euro. As Europeans are increasingly turning to digital in the ways they spend, save and invest, we should be prepared to issue a digital euro, if needed. I’m also keen to hear your views on it https://t.co/0ZuU2ZZgCp pic.twitter.com/CoY5sN7Yoz

— Christine Lagarde (@Lagarde) November 1, 2020

Public Commentary on Digital Euro

A survey form was linked to the original tweet. As part of the ongoing assement, interested individuals will be required to answer a questionnaire that is divided into two parts. The first part is aimed at the general public, while the second is targeted primarily at experts from the financial industry, technology companies and academia.

The respondents of the survey can also provide feedback on any of the questions. The questions include references to the pertinent sections of the Eurosystem Report on a digital euro, which include additional details for the interested reader, the form said.  Additionally, all comments will be published on the ECB’s website after the consultation period closes.

The latest news comes weeks later Lagarde opined that a European crypto currency was now inevitable, somethin that has been accelerated by the COVID-19 pandemic and changes to the way people work, trade and pay. Besides, the European Central Bank [ECB] had recently published a report stating that it could begin seriously considering and studying the digital euro by mid-2021,