ECB President Christine Lagarde Welcomes Public’s Opinion on CBDC

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In Brief
  • ECB President Christine Lagarde is talking about the digital euro again.

  • In a tweet, she asked European stakeholders to provide their opinions on the proposed CBDC in a survey.

  • This comes a few weeks after she described the digital euro as a potential complement to cash, not a replacement.

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European Central Bank President Christine Lagarde said policymakers are “exploring the possibility of launching a digital euro.”

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On  Nov. 1, Lagarde tweeted that the ECB is looking to hear the views of consumers and stakeholders on the proposed central bank digital currency (CBDC) and opened up the floor to public consultation. 

Source: Twitter 

The Digital Euro

In a video posted in the Twitter thread, Lagarde said that while the ECB has an interest in the proposed CBDC, it is still very much in the pre-implementation phase. As such, the bank is looking for a wide selection of opinions from the European public on the subject. She stated: 

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“We are still in the review and consideration stage, but we have just launched a public consultation so that consumers and Europeans can actually express their preference and tell us whether they would be happy to use a digital euro just in the way they use a euro coin or a euro banknote, knowing that it is central bank money that is available and that they can rely upon.”

To this end, she shared a link to a survey asking respondents to participate in a questionnaire designed to ascertain their thoughts on the proposed CBDC.

ECB Survey

Digital Euro Looms

On Oct 23, BeInCrypto reported that ECB board member Fabio Panetta named the digital euro among the bank’s four strategic priorities. While he also referenced the need for consultation and caution, he struck a distinctly bullish tone on the possibility of the CBDC being implemented.

This came just days after Lagarde described the digital euro as a potential complement to cash, not a replacement for it. According to her, it would not only provide a trusted alternative to private cryptocurrencies, but it would also assist greatly with Europe’s post-pandemic economic recovery.

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on 'The Other News,' Nigeria's answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary 'Larry Charles' Dangerous World of Comedy.' In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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