The ECB says that it is intensifying work on a digital euro
- Digital euro would complement cash, not replace it
- Eurosystem needs to be ready for possible future decision on digital euro
- Governing council has not taken a decision yet on the matter
- Digital euro would be an electronic form of central bank money
- It will be accessible to all citizens, firms
It looks like the ECB may be at a much more advanced stage on this matter than one would think. That said, it would be interesting to hear more from the central bank's governing council members on this for more of a feel about the situation.
ECB executive board member, Fabio Panetta, is also out saying that they will be start experimentation in the next few months and that the ECB should be in a position to issue a digital euro 'should it become necessary'.
