The investigation phase, launched by the ECB in October 2021, was completed in October 2023. The investigation phase explored possible design and distribution models and the impact of a digital euro on the market, monetary policy implementation and financial stability. In October 2023, the ECB decided to proceed with the digital euro project and move to the next phase, the so-called preparation phase, which will last two years.
In June 2023, the European Commission presented a draft legislative proposal for a possible digital euro, reflecting the EU citizens’ needs regarding the key features of a digital euro.
Following the decision of the Governing Council of the ECB to proceed with the digital euro project, the ECB will prepare and examine possible technical and business solutions necessary for the introduction of a digital euro. A digital euro will entirely depend on the adoption of a digital euro legislation, both in terms of time and in terms of provisions laid down in such legislation. The Eurosystem will consider any necessary adjustments to the design of a digital euro that may emerge from the conclusions of legislative discussions in the European Parliament. The two processes – legislation and digital euro design – will develop in parallel in order to create a solid ground for the Eurosystem to take an autonomous decision to issue a digital euro.
The ECB and the euro area national central banks will make sure that a digital euro meets users’ needs. For this reason, the Eurosystem cooperates closely with policymakers, legislators, market participants and civil society organisations, while focus groups, as fora for listening directly to people’s views and preferences, have also been invaluable.