We have also examined what has worked well in the past when it comes to developing payment solutions covering the entire euro area – such as the Single Euro Payments Area (SEPA) project, which allows European consumers, businesses and public authorities to make and receive payments under the same conditions.14 We believe that a digital euro scheme – that is, a single set of rules, practices and standards – is best suited to achieve our objectives.15 A digital euro scheme would provide a common framework for euro area intermediaries to develop products and services built on a digital euro.
It would establish a set of common operational rules and technical standards that intermediaries would need to follow in order to provide digital euro solutions to end users. 16 And it would help create a specific brand so that, should the digital euro be introduced, people and businesses would know that they are paying with it.