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- 2023
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Preparation phase
The preparation phase of the digital euro will initially last two years. The launch of the preparation phase was not a decision on whether to issue a digital euro. That decision will only be considered by the Governing Council once the European Union’s legislative process has been completed.
During the first part of the preparation phase, work is focused on (i) finalising the digital euro rulebook with the support from the Rulebook Development Group
and (ii) selecting providers that could develop a digital euro platform and infrastructure. Additionally, it also includes testing and experimentation to develop a digital euro that meets both the Eurosystem’s requirements and users’ needs, for example in terms of user experience, privacy, financial inclusion and environmental footprint.The ECB continues to engage with all stakeholders during this phase, mainly through the ERPB
technical sessions.After two years, the Governing Council will decide whether to move to the next stage of preparations, to pave the way for the possible future issuance and roll-out of a digital euro.
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- 2023
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Legislative proposal
The European Commission put forward a legislative package to establish a framework
for a digital euro that would allow its introduction. It is thus a prerrequisite for the Eurosystem to approve its issuance. The project will move in parallel to the legislative process and adjustments in the design could be introduced if needed, so it is aligned with the Regulation finally approved by colegislators.
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- 2021
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Investigation phase
The objetive of the investigation phase was to define the design of the digital euro and the way it could be distributed. Furthermore, a deeper analysis on the reasons that could justify its issuance and a protototyping exercise was performed. Lastly, a market research was organised to get an overview of options for the technical design of possible digital euro components and services, their cost and delivery times.
In this phase, the Eurosystem collaborated with European Institutions, as well as with various market players, mainly through the Market Advisory Group
and the ERPB technical. Additionally, the Rulebook Development Group was established to elaborate the functioning rules for the digital euro. Lastly, focus groups with potential users were organised in order to know their preferences and needs.The investigation phase of the digital euro lasted for 24 months and concluded in October 2023.