Based on the findings of the investigation phase, launched in October 2021 to explore possible design and distribution models for a digital euro, on 18 October 2023, the ECB Governing Council approved moving to the preparation phase of the project; this phase started on 1 November 2023 and will last for two years. Moving to the preparation phase is not a decision on the issuance of a digital euro.
This phase will lay the foundations for a potential digital euro, with the work to include finalising the rulebook and selecting providers to develop the platform and infrastructure. It will also include testing and experimentation to develop a digital euro that meets both the Eurosystem's requirements and user needs, for example in terms of user friendliness, privacy, financial inclusion and the environmental footprint. At the end of the preparation phase, the Governing Council will decide whether to move on to the next stage of preparations.
On 28 June 2023, the European Commission published a legislative package on the single currency with proposals on both a digital euro and on the legal tender status of cash. Any decision on issuing a digital euro would be considered by the Governing Council at a later stage and only after the adoption of the necessary legislative framework by the European Parliament and the Council of the European Union, which are currently examining the Commission's proposal.
The investigation phase has generated a considerable amount of material that is available on the ECB website.
find out more
- A stocktake on the digital euro (October 2023) (external link)
- Timeline and progress on a digital euro (external link)
- Progress on the preparation phase of a digital euro - First progress report (external link)
- Progress on the preparation phase of a digital euro - Second progress report (external link)
