Digital Euro
Italian banks believe that thedigital euro may constitute a cornerstone of the European digital economyin particular if it succeeds in enabling the supervised intermediaries to develop innovative services on it value-added, allowing currently unmet needs to be met or simplifying the existing processes.
In this way, it will be possible to: i) offer a free basic service for consumers and easily usable; ii) complement it with advanced services, which can enable the actors interested in implementing truly innovative payment processes; iii) fully realise a two-tier model, where a fundamental core of central bank-managed components acts as a driver for the development of the market as a whole, enabling commercial banks to offer basic services and added value competitively and without dependence on non-European players.
Currently, the ECB is conducting the 'preparation phase'.which is will be concluded by the end of 2025 and will lay the foundations for the ECB may formalise the issuance of the digital euro. It is estimated that, after such decision, it should take another two or three years of development before of actual operation.
In parallel, it was legislative process started thanks to the proposed regulation for the digital euro published by the European Commission in June 2023.
Documents
ABI feedback on the European Commission's legislative proposal
ABI position paper
1 March 2023ABI position paper
1 March 2023