Project and governance

The ECB is currently in a two-year digital euro investigation phase, running from October 2021 to October 2023. In this phase the aim is to analyse how a digital euro can be designed and distributed to retailers and the public. The ECB is looking at how a digital euro can affect the retail payments market and what changes to European legislation might be needed. Once the investigation phase is over, it will be decided whether to start developing a digital euro.

The Eurosystem’s High-Level Task Force

The project is steered by the Eurosystem’s High-Level Task Force on Central Bank Digital Currency, which reports to the Governing Council. The High-Level Task Force is composed of representatives from the ECB and the 20 euro area national central banks and is chaired by ECB Executive Board member Fabio Panetta. 

Stakeholder engagement

The ECB hold exchanges with the European Parliament and euro area finance ministers to ensure that a digital euro can support the objectives of the Eurosystem and meet the needs of European citizens. We are also cooperating closely with the European Commission to review, at the technical level, a broad range of policy, legal and technical questions emerging from the possible introduction of a digital euro. The Commission is preparing a legislative proposal on a digital euro for adoption by the European Parliament and the Council of the EU.

Broad engagement with market stakeholders will guarantee that a digital euro meets the needs of users, so the ECB is collaborating with intermediaries, consumers, merchants and technology providers. This page is intended to help the interested public and those professionals working in payments by keeping them informed about our work. You can find more information below.