Abstract
This report considers that the digital euro can be introduced under the ECB's primary mandate as legal tender and be remunerated.
However, in order to lawfully create the proposed digital euro app, the ECB would require a mandate from the EU legislator under its secondary mandate which has to comply with article 119 TFEU, fundamental rights and data protection regulation. The supervision should be through the European Data Protection
Supervisor. Finally, the digital euro should not exclude those lacking digital skills and minimum standards should be introduced regarding the availability of cash.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
However, in order to lawfully create the proposed digital euro app, the ECB would require a mandate from the EU legislator under its secondary mandate which has to comply with article 119 TFEU, fundamental rights and data protection regulation. The supervision should be through the European Data Protection
Supervisor. Finally, the digital euro should not exclude those lacking digital skills and minimum standards should be introduced regarding the availability of cash.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
| Original language | English |
|---|---|
| Publisher | European Parliament |
| Commissioning body | European Parliament's Committee on Economic and Monetary Affairs |
| Number of pages | 36 |
| Publication status | Published - 23 May 2023 |
Keywords
- Digital Euro
- privacy
- European central bank
- ecb
- social inclusion
- legal tender
- secondary mandate
- payment platform
- app
- legal framework