Until mid-2023, the Eurosystem will be investigating use cases, the potential design and the features of a digital euro. It will also engage with stakeholders before deciding whether or not to implement the digital euro. It would have to meet the needs of citizens and enterprises. And it shouldn’t crowd out private sector solutions or pose risks to intermediaries.
Action by the Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy. In this regard, the Federal Reserve supports the Treasury's proposal to buy illiquid assets from financial institutions.