First Comments on the EU Commission's Legislative Proposal on a digital Euro

On June 28th 2023, the European Commission published its legislative proposal for a digital Euro. While more technical aspects have been discussed so far, fundamental questions must now be answered. Otherwise, there is a growing risk that the digital euro will have negative consequences for Europe's economy and citizens and will not be a success due to a lack of acceptance in society. The German Banking Industry Committee has constructively supported the ECB's investigation phase into a digital Euro from the very beginning. The introduction of a digital Euro will have a significant impact on the economy, society, the monetary system, and the payments industry. It is therefore important to leverage the expertise of all stakeholders to create real added value with a digital Euro and to avoid unintended negative consequences.