ECB Signals Digital Euro Readiness as Lagarde Calls It a Stability Anchor for Europe’s Financial System

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The ECB desires that the digital euro should be:

• User-friendly: Not technical so easy to use by consumers and merchant.
• Low-cost: Formulated in order to reduce the costs and make sure that it does not overburden the users or the middlemen.
• Fast and efficient: Is able to process the daily transactions with ease.
• Private: Providing high privacy guarantees, it is closer to money compared to the current digital payment systems.
• Resilient: Able to function both online and offline, ensuring reliability during outages or crises.

A very interesting feature is offline functionality. It is an indicator that the ECB considers the digital euro not only as a convenience, but also as a resilience tool. During cyber tragedies or network interruptions, people should not be at the mercy of the internet in order to gain access to their money.

Another thing that Lagarde spoke of was continuous cooperation in the Eurosystem, noting that the national central banks were closely involved, with Italy and other member countries strongly supporting this.

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