As it marks its 25th anniversary Wednesday, the European Central Bank is readying a proposed design for a digital version of the euro, responding to pressure from developing technology that could change how money is used over the bank's next decades.
As Europe considers its own central bank-based digital currency, the biggest question is: How would it improve on what’s already available for consumers?
The goal of a digital euro would be Europe's autonomy and resilience when it comes to the largely unseen but critical systems that move money from consumers to merchants through banks and payment services providers, Lagarde said in a recent panel discussion. A digital euro also could help people who don’t have bank accounts, the thinking goes, because they could hold money on their phones.
Even after the proposal is made, there would be three years of testing. A decision to actually introduce the digital euro would only come after that and require EU approval. Europe's banks have greeted the proposal with caution. They warn that without strict limits, digital euros could draw deposits out of commercial banks — depriving them of funding for things like business loans and mortgages.
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