The Normative Dimensions of the Digital Euro (DINO)

For several decades, we have been observing the increasing digitalisation of payment services and the dematerialisation of money. This development means far more than just a switch from an analogue to a digital medium, because unlike payments with cash, digital transactions rely on private infrastructures and can be tracked more easily. Digital central bank currencies such as the digital euro (which would take its place alongside cash) are part of the trend outlined above, but are also shaping it in a different way. With the introduction of the digital euro, a digital payment infrastructure would not be provided by private providers, but by a public institution – the ECB.

While the public debate on the digital euro has so far focussed primarily on technological and economic issues, the project group is broadening the perspective and looking at various normative aspects of the digital euro. Of particular importance in this respect are access to financial infrastructure, the balance of power in digital payment transactions and the potential risks to Europe’s monetary sovereignty. This creates a comprehensive picture of the diverse challenges and opportunities that would accompany the introduction of the digital euro.