A key goal of a digital euro should therefore be to preserve a fine balance between sovereign and private money to ensure payments remain stable and efficient. But as the past has taught us, if innovations in central bank money are not well designed, they can become a source of financial disruption.
To avoid any unintended effects and reap the full benefits of a digital form of central bank money, we will carefully consider all aspects of its design. Our recent public consultation on a digital euro is part of this exercise. In the spring we will publish an analysis of the replies we received.