European Central Bank announces it’s seriously exploring a digital Euro
Cash, sooner or later, will die, and several countries are trialling its replacements.
Cite or link to this article
Griffin, M. (2020) 'European Central Bank announces it’s seriously exploring a digital Euro', 311 Institute, 6 November. Available at: https://www.311institute.com/european-central-bank-announces-its-seriously-exploring-a-digital-euro/ (Accessed: 1 October 2026).
As the use of cash around the world continues to shrink, as people embrace contactless and digital payments, as states across the US increasingly allow people to pay taxes in Bitcoin, and more, governments around the world are increasingly considering creating digital versions of their sovereign currencies.
In China’s and Sweden’s case they’ve now moved beyond the thinking stage and have started testing their digital currencies in large scale real world trials - albeit that in China’s case they accelerated their trials after the sudden emergence of Facebook’s own digital currency the Libra whose introduction would have been so profound many governments around the world feared it could one day usurp the US dollar as the world’s defacto currency.
Now, some years after China and Sweden began their journeys the European Central Bank has announced they’ve moved a step closer to exploring the creation of a virtual currency, after president Christine Lagarde said on Monday it was "very seriously considering" a digital euro.
At a virtual meeting hosted by the International Monetary Fund, Lagarde said: "The ECB is very seriously looking at a digital Europe."
She also said the COVID-19 pandemic has led to many structural changes including the way "we work, we trade, and we pay."
Digital payments have increased significantly as a result, particularly in countries such as Germany and Italy where "cash was king," Lagarde said. "People [used to] walk around with banknotes in [Germany and Italy], and now they don’t.”
Lagarde said the pandemic caused e-commerce to rise by almost one fifth in terms of volumes and sales between February, when the outbreak first hit Europe, and June this year, when many of the toughest lockdown restrictions eased.
"There is much more confidence in digital payments and significant change is [now] underway," she added.
In a study published earlier this month the ECB said a digital euro would “help provide citizens with even quicker access to money than they have today in a fast changing digital world.”
Source: ECB
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Why does this matter?
Cash, sooner or later, will die, and several countries are trialling its replacements.
About the author
Matthew Griffin Founder, 311 Institute
Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath."
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Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath." 15-time best selling author of the "Codex of the Future" series, Matthew is the Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm working with royal households, world leaders, G7, G20, and G77 governments, NGOs, and multi-national mid and mega cap firms to help them explore, shape, and lead the next 50 years of business and society.
An award-winning YouTube creator with over a million followers, with an unrivalled global reach and impact, Matthew is a highly sought-after international keynote speaker, lecturer, and mentor who collaborates with global leaders through the United Nations Alliance of Civilizations (UNAOC) and United Nations General Assembly (UNGA) to shape pivotal initiatives such as the UN’s AI for Humanity program, the United Nations Conference of the Parties (UN COP), and the World Economic Forum in Davos.
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Sources and further reading
- European Central Bank ecb.europa.eu
- International Monetary Fund imf.org
- Digitaleuro.en ecb.europa.eu
Source: first published by the 311 Institute on 6 November 2020. Cite as: Griffin, M. (2020). European Central Bank announces it’s seriously exploring a digital Euro. 311 Institute. https://www.311institute.com/european-central-bank-announces-its-seriously-exploring-a-digital-euro/
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