The ECB will set targets and deadlines for the digital euro in the coming weeks

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Madrid, Jul 8 (EFE) .- The governor of the Bank of Spain, Pablo Hernández de Cos, has said that in the coming weeks the Governing Council of the European Central Bank (ECB) plans to set the objectives and deadlines for a project formal information on the digital euro.

“This will be a critical and strategic decision that will shape the future of the digital euro. It will be a decision with profound implications that can potentially extend beyond the realm of central banking and finance to impact on the digitalization dynamics of society in general.” , has stated during his speech at the “DigitalES Summit 2021”.

The governor explained that the Bank of Spain, as a member of the Eurosystem, is actively contributing to the development of a project that may be essential to configure an efficient European financial system in line with the increasing digitization of society.

Much progress has been made, he said, but research tasks are still pending, such as a greater specification of the technical characteristics that the digital euro should have or a more detailed analysis of its consequences in areas such as financial stability, monetary policy or configuration. and the role of the financial industry.

He recalled that the digital euro is conceived as a tool to stimulate innovation and act as a catalyst for competitiveness and growth.

It is also expected to be an essential support to safeguard monetary sovereignty and to help increase the foreign role of the currency and the ability to influence beyond the euro area.

Hernández de Cos has clarified that the digital euro does not intend to replace physical money or bank deposits, but would complement them, expanding the offer of means of payment.

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In this regard, he stressed that it would be a third variant of money issued directly by the central bank, but it would have a digital representation, which could be used in a wide range of remote operations that are not possible with cash.

(c) EFE Agency

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