Governance and stakeholders
The Governing Council has launched a preparation phase of the digital euro project, following the two-year investigation phase. The project is being steered by the Eurosystem’s High-Level Task Force on Central Bank Digital Currency, which reports to the Governing Council.
The Eurosystem’s High-Level Task Force
During the investigation phase, the Eurosystem actively engaged with a large number of stakeholders.
Regular dedicated exchanges with the European Parliament and euro area finance ministers will ensure that a digital euro can support the objectives of the Eurosystem and meet the needs of European citizens. The ECB is also cooperating closely with the European Commission to review at a technical level a broad range of policy, legal and technical questions emerging from a possible introduction of a digital euro.
Broad engagement with market stakeholders will ensure that a digital euro meets users’ needs. A set of initiatives have been put in place, including (i) market contact groups, (ii) surveys and (iii) calls for expression of interest on the technical design features of a digital euro. ECB experts also exchange views on a digital euro with representatives from European civil society organisations and academia.
Digital euro scheme Rulebook Development Group
The Rulebook Development Group is helping to draft a rulebook for a digital euro scheme. The Governing Council’s decisions on the design of a digital euro form the basis of its work. The members of the group are senior professionals from the private and public sectors with experience in finance and payments. They are nominated by different European stakeholder associations in the European retail payments market. Each member represents a particular association.
A digital euro scheme is considered to be the option best suited to achieving the objectives of a digital euro and harnessing the strengths of both the public and private sectors.
- Mandate of the digital euro scheme Rulebook Development Group
- Members of the Rulebook Development Group
Digital Euro Market Advisory Group
The Digital Euro Market Advisory Group advises the Eurosystem on the design and potential roll-out of a digital euro. It also explores how a digital euro could be beneficial to those involved in the euro area’s network of payments systems. The group’s members are market practitioners who are active in the retail payments market. The members do not represent their institutions but act in a personal capacity.
- Mandate of the Digital Euro Market Advisory Group
- Composition of the Digital Euro Market Advisory Group
Euro Retail Payments Board
The Euro Retail Payments Board (ERPB) supports the Eurosystem by providing views from members representing both the demand and supply sides of the European retail payments market. The ERPB is a forum for institutional dialogue with the market on a digital euro. The ECB informs and consults the ERPB about the progress of the investigation phase in regular meetings, technical sessions and written procedures.
The ERPB is a high-level strategic body fostering the integration, innovation and competitiveness of euro retail payments in the European Union. Its members represent industry and stakeholder associations.