The Strategist

Lagarde: Europe could start experimenting with the digital euro as soon as summer

04/29/2021 - 03:53

The European Central Bank (ECB) will decide in the summer whether to start experimenting with the digital euro, but it will not mean introducing such a currency in the short term, ECB chief Christine Lagarde said during an online conference.

"We are looking at all the options and all the risks involved. We will decide in the summer whether we will introduce the experiment," she said.

That said, Lagarde said the digital euro experiment would not mean introducing the currency in the short term.

In early February, it was reported that the European Commission and the European Central Bank are studying the technical and legal issues of creating a digital euro. The ECB said it was considering issuing such a currency to prepare for the digital age. The EC noted that the digital euro could support the digitalisation of the entire EU economy, which the EC itself sees as one of the most important elements of the EU's development.

In late March, Lagarde said the regulator could launch the digital euro around the middle of this decade.