The European Central Bank (ECB) has announced the formation of a market advisory group tasked with exploring the infrastructural and circulation potential of the digital euro from the perspective of industry leaders.

The group will also aim to uncover the digital euros optimal function within the pan-European currency’s vast payments ecosystem, state reports. The ECB confirmed in April 2021 that it had begun testing a digital euro, shortly after China announced that its central bank had begun piloting a digital yuan.

In June, discussing the topic of a digital euro, Pablo Urbiola of BBVA’s digital regulation team recommended that the ECB should rely on public-private cooperation, ‘leveraging the strength of all players’ to develop it. He suggested that the central bank should follow a cautious and pragmatic approach tpwards a digital euro.

Group of 30

According to the ECB’s latest press release: “The European Central Bank (ECB) has announced the members of the Market Advisory Group for the digital euro project.

“The Eurosystem’s High-Level Task Force on Central Bank Digital Currency called for expressions of interest on 14 July, following the Governing Council’s approval of the digital euro project investigation phase. After assessing applications, the selection committee appointed 30 senior business professionals with proven experience and a broad understanding of the euro area retail payments market.”

The group of 30 high-ranking financial professionals selected includes several well-established experts from the banking and financial sector, including Aleksander Kurtevski, managing director of Bankart; Antonio Macías Vecino, head of payments discipline at BBVA; Axel Schaefer, payment regulation and innovation specialist at Ingka Group (Ikea); and Regis Folbaum, head of payments at La Banque Postale.

Initial consultation meetings are expected to begin in November and then operate on a quarterly basis. The 30 members will work in advisory roles and report their findings for consideration in retail payments
discussions within the Euro Retail Payments Board (ERPB).