Preparing euro payments for the future: A blueprint for a digital euro

Abstract

In its 2020 report on a digital euro, the European Central Bank (ECB) created a starting point for a broader dialogue on the topic. The initiative behind the digital euro, supported by the European Commission, draws on best practices and promising approaches, but is also predicated upon the idea that electronic identity schemes and central bank digital currencies (CBDCs) should be developed in concert. This paper discusses the ECB’s report, before examining other global CBDC initiatives and then proposing a possible blueprint for a digital euro. The paper argues that if the key parties continue to combine their expertise, Europe will not only have a world-class blueprint for a digital euro, but also a template for the creation of a future digital world currency based on European design principles.

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