Exchange of views with Fabio Panetta, member of the ECB Executive Board

15-06-2022 - 17:12
Fabio Panetta, ECB Executive Board Member Fabio Panetta, ECB Executive Board Member
Fabio Panetta © ECB

On 15 June 2022, from 15:15 to 16:15, Mr Fabio Panetta, member of the ECB Executive Board and Chair of the Task Force on Central Bank Digital Currency, informed ECON Members about the progress made regarding the digital euro. The Open Coordinators' meeting was webstreamed.

In January 2020, the ECB Governing Council created the Eurosystem's High-Level Task Force on Central Bank Digital Currency. In October that same year, the Task Force produced a report on the digital euro. Following the publication of the report, the ECB launched a public consultation that received a record number of responses. In July 2021, the Governing Council decided to launch an "investigation phase" of the digital euro project, which is expected to last 2 years. During the process of designing and launching a central bank digital currency policy, choices regarding the technical design of the digital euro need to be made, and the effects on financial stability, monetary policy, and payment services need to be assessed. Other important aspects as for instance privacy, anti-money laundering, and countering tax evasion must also be considered.