The European Central Bank (ECB) recently announced the members for its Market Advisory Group. The purpose of this advisory group is to lend critical support to the digital euro project. The advisory team will explore the designing and distribution potential of the digital euro.
The appointment of an advisory group is another key development in the digital euro project, next to the launch of the project’s investigation phase in July 2021. This phase is expected to last 24 months. The purpose of the investigation phase is to address potential issues in the design and distribution of the digital euro.
30 Members Selected for the High-Level Advisory Panel
An apex committee working for the CBCD – Central Bank Digital Currency – had called for applications from interested members for contribution to the digital euro project in July 2021. The committee selected 30 members from among the applicants for the Advisory Group.
The selected members are senior and experienced members of the business community. They have a broad experience in European retail payments market. Their keen insights into the domain, and seasoned perspective of the industry, are expected to prove invaluable for the digital euro project.
Selected members include board chairmen, managing directors, payment chiefs, senior advisors, innovation officers and banking heads.
Advisory Group Meetings to Start in November 2021
Quarterly meetings are being planned currently. Meetings are expected to start in November. In addition to meetings, written consultations are expected to happen.
The advisory group will offer guidance to the digital euro project from an industry perspective. The panel members will advise on the best ways and practices that can make the digital euro valuable for all stakeholders. Their guidance is also expected to transform the design and distribution of the digital euro so that it integrates smoothly with existing Euro payments.
In addition to the selected members, a representative of the European Commission, and authorized officials from national central banks of the Eurosystem, will be part of the advisory group.
Issues raised by the Advisory Group will also be presented to the ERPB – Euro Retail Payments Board. The ERPB is an established organization engaging in dialogues on retail payments of concern.