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Lagarde Seeks Public Comments About a Digital Euro, Implying a Broad Retail Offering Is Now on the Table

The survey indicates a much more profound change in the way finance works is being contemplated.

Nov 1, 2020 at 2:06 p.m. UTC
Updated Sep 14, 2021 at 10:26 a.m. UTC

European Central Bank President Christine Lagarde Sunday announced an ECB survey of public opinion regarding the issuance of a digital euro, implying the central bank is considering a retail central bank digital currency (CBDC), not just one intended for use between banks, which would represent a much more profound change in the way finance works, according to Noelle Acheson, CoinDesk's director of research.

  • "As Europeans are increasingly turning to digital in the ways they spend, save and invest, we should be prepared to issue a digital euro, if needed. I’m also keen to hear your views on it," Lagarde said in a tweet announcing the survey.
  • While saying the ECB is still reviewing the possibility of issuing a digital euro, the central bank president said in the video embedded in her tweet, "We've just launched a public consultation so that consumers and Europeans can actually express their preference and tell us whether they would be happy to use a digital euro just in the way they use a euro coin or a euro banknote knowing that it is central bank money that is available and that they can rely upon."
  • Lagarde's comments echo what Benoit Couere, head of the Innovation Hub at the Bank for International Settlements and a member of the bank's Executive Committee, said in a recent opinion piece on CoinDesk, according to CoinDesk's Acheson.
  • Such a confluence of opinions underlines these conversations about the likelihood of a retail CBDC are happening at the highest level, Acheson said.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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