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Preparing euro payments for the future: A blueprint for a digital euro
Journal of Payments Strategy & Systems,
15
(2),
165-187
(2021)
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.
Keywords: central bank digital currency; CBDC; digital euro; digital currency; electronic identity; euro area
The full article is available to subscribers to the journal.
Author's Biography
Eric Wagner is responsible for the compliance advanced analytics platform and services at Erste Group Bank AG. Eric is also an active member of various national and international expert and working groups, in such areas as financial crime, electronic IDs and know-your-customer compliance, advanced analytics, Zand technologies such as Big Data, artificial intelligence/ machine learning, network analytics, natural language processing, distributed ledger technologies and quantum computing.
Diederik Bruggink is Managing Director of Bruggink Consultancy and is an independent international expert in cards, payments, and market infrastructures. During his career, he has led and worked on several international and high-visibility projects, mainly with a focus on cashless payments, across the whole payments value chain, from (e-commerce) merchant acquisition through to issuing banks and within card switching and card processing organisations. He was one of the key authors of the first three editions of the ‘World Payments Report’, and he makes regular appearances on conferences in the cards and payments industry. He is a member of the Editorial Board of the Journal of Payments Strategy & Systems.
Alessia Benevelli works at the European Savings and Retail Banking Group, where she provides members with legal and policyoriented insight into all payments-related topics, including their interplay with innovation and data protection. She raises awareness regarding the potential risks arising from legislative developments and drafts position papers on behalf of members. As an active member of various work streams, committees and EU bodies, she is well positioned to help members engage in public policy exchange with regulators and policymakers.
