The European Central Bank has revealed the details of its plan to launch the digital euro and announced the approximate deadline. According to ECB President Christine Lagarde, the digital version of the single European currency will have become available by 2025. When talking about digital currency, Lagarde explained that the development of the project was already in full swing. Still, the process of project implementation may take more time. “We need to make sure that we do it right. We owe it to the Europeans. The whole process, let's be realistic about it, will in my view take another four years, maybe a little more,” Christine Lagarde said. On the other hand, even a successful trial cannot guarantee a quick rollout of the European digital currency. The European Commission has not made a final decision yet, so a common ground with the ECB will be reached only in a year at best. “It’s a technical endeavor as well as a fundamental change. We need to make sure that we’re not going to break any system, but to enhance the system,” Lagarde noted. In March, the EU set the course for strengthening the international role of the euro. So, the project of the digital European currency comes in line with this plan. The EU officials called for enhancing and shaping a more innovative financial sector with more efficient and sustainable payment systems. A stronger euro will allow the EU to improve its strategic autonomy in economy and finance while maintaining an open economy, contributing to global financial stability, and supporting the European businesses and citizens.
