The ESBG appreciates today’s decision by the Governing Council of the European Central Bank (ECB) to move to the preparatory phase for the digital euro. ESBG underlines that the current collaboration between the ECB and the banking sector should further increase as only a true public-private partnership can be the cornerstone of a successful digital euro. The next phase will entail critical decisions across the ECB’s development, and the related legislative acts. Effective delegation of responsibility and utilisation of expertise between the public and private sectors should be diligently considered to ensure maximum value of the digital euro to European consumers and financial services.

Brussels, 18 October 2023 – The European Savings and Retail Banking Group (ESBG) acknowledges with keen interest the decision by the Governing Council of the European Central Bank (ECB) to move to the preparatory phase of the digital euro project.

The ESBG appreciates the involvement of the various stakeholders, notably the banking industry, during the investigation phase, and for the ECB’s continued dialogue with the European banking sector. It underlines that further discussions are required to tailor the possible digital euro to a product that is attractive to all stakeholders – notably consumers, merchants, and banks. Only a true public-private partnership can be the cornerstone of a successful digital euro, and therefore the ESBG is calling upon the ECB to further increase the collaboration with the banking sector during this new project phase.

With this collaboration in mind, the ESBG welcomes the decision’s adjoining report by the ECB and Eurosystem. The report presents the conclusions of the ECB’s investigative phase and envisions a digital euro accessible to all individuals and businesses through supervised intermediaries such as banks. The ESBG now looks forward to working with the ECB, to realise the design of the digital euro and fulfil the role of EU banks as trusted partners in ensuring universal access to the digital euro.

As the decision of the Governing Council of the ECB marks the end of the investigation phase, and kicks off the preparatory phase, Peter Simon, Managing Director of ESBG, is looking forward to increase the constructive discussions in the phase ahead. “A possible introduction of a digital euro is an important step that could impact some of the core activities of our members. We stand ready to contribute to the discussions and to ensure that the voices of the savings and retail banks in Europe are being heard.”

“At ESBG, we have been engaging in the development of a digital euro via various stakeholder groups of the European Central Bank (ECB) throughout the whole investigation phase ever since it was launched in 2021”, Sofia Lindh Possne, Head of Group Regulatory Affairs, Swedbank and Chairperson of the ESBG Task Force on Central Bank Digital Currencies, stresse. “A ground-breaking innovative project like the digital euro requires a prudent approach to maintain the financial stability of banks and to ensure a level playing field in the European payments market”.

ESBG members stand ready to contribute to the discussions in this new phase to ensure that the voices of the savings and retail banks in Europe are being heard.

YOUR CONTACT:
Diederik Bruggink
Head of Payments, Digital Finance and Innovation
diederik.bruggink@wsbi.esbg
Phone: +32 2 211 11 21