The European Central Bank (ECB) could soon take the first step toward launching a digital version of the euro.
In a new interview with Bloomberg TV, Lagarde says the ECB’s decision-making Governing Council will determine whether to move forward with development in mid-2021.
If a decision to move forward is reached, Lagarde says she expects it to kick off a development phase that will last years.
“We need to make sure that we do it right. We owe it to the Europeans… The whole process – let’s be realistic about it – will in my view take another four years, maybe a little more.”
The ECB plans to release an analysis of its public consultation process on the potential launch of a central bank digital currency (CBDC), which will then be reviewed by European Parliament.
The next decision, on whether to roll out a digital currency, will be made six months to a year after that.