ECB announces members of digital euro advisory group

ECB appointed 30 senior business professionals with proven experience to advise Eurosystem on the design and distribution of potential digital euro

The European Central Bank (ECB) announced 30 senior members of the Market Advisory Group who will be in charge of the digital euro project creation.

The Eurosystem’s High-Level Task Force on Central Bank Digital Currency called for expressions of interest already on July 14, following the Governing Council’s approval of the digital euro project investigation phase.

After due diligence of all applications given, the selection committee decided to appoint 30 senior business professionals who already have some proven experience and who are deeply involved in the euro area retail payments market.

ECB Board Member Fabio Panetta, Chair of the High-Level Task Force commented he is “pleased that many high-quality experts from the private sector are willing to contribute to the digital euro project”, and added that the expertise of these experts will facilitate the integration of prospective users’ and distributors’ views on a digital currency during the investigation phase.

Digital euro to add value for all players in Eurozone

According to the official report, members of the Market Advisory Group will act in a personal capacity, advising the Eurosystem on the design and distribution of a potential digital asset from an industry perspective, and on how this euro could add value for all players in the euro area’s diverse payments ecosystem.

According to ECB, the digital European currency would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms.

A representative from the European Commission and representatives from Eurosystem national central banks will also participate in the group.

Meetings are to be held quarterly, starting in November 2021, including also written consultations between meetings.

All issues will also be considered within the Eurosystem’s established forum for institutional dialogue on retail payments, the Euro Retail Payments Board (ERPB).

ECB had confirmed started testing its own version of a digital euro in April, right after the announcement from China that revealed its central bank began experimenting with a digital yuan.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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