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ECB’s Lagarde, Panetta See Digital Euro as More Efficient Payment Means Than Crypto

Safeguards should be provided from the outset, the bankers say. A carefully designed digital euro will facilitate the transition of the European society and economy into the digital age as public financial authorities focus their efforts on preserving the integrity of the monetary and payment systems, the ECB officials conclude.

Christine Lagarde and Fabio Panetta are convinced that the digital euro can be successful only if it becomes part of the everyday lives of Europeans. The specific characteristics of its design are yet to be determined, as the CBDC’s investigation phase will take at least another year, but some key principles are already clear, they say.

Wide acceptance, ease of use, low costs, high speed, security, and consumer protection are the attributes that users would appreciate. Merchants would seek low costs and ease of use as well as integration of the digital euro with existing systems. The new incarnation of Europe’s common currency should also support the financial inclusion of those with limited access to digital payments.

ECB’s Lagarde, Panetta See Digital Euro as More Efficient Payment Means Than Crypto Assets

Privacy must enjoy the highest standards, the ECB chiefs insist. They think people should be able to choose how much information they want to disclose but there’s a condition — “so long as they comply with prevailing laws.

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