today, support for the single currency stands at record high levels. 15 to be successful, a digital euro would also have to enjoy strong support from the public. it would be a digital symbol of progress and integration in europe. and it would support the international role of the euro. issuing a digital euro would be relevant for almost everything the ecb does. and it would affect our society as a whole. this is why we are seeking, through the public consultation we are launching today, an intense and open dialogue on our recent report with citizens and other stakeholders. together with european institutions and authorities, in primis the european parliament, we will 3 / 4 bis central bankers'speeches discuss the framework that would be necessary to introduce a digital euro. as co - legislators and representatives of european citizens, you will have a fundamental role to play in the process. i therefore very much look forward to our first exchange today. 1 ecb ( 2020 ), report on a digital euro, frankfurt am main. 2 “ sometime in the first millennium bc, coinage was invented probably in asia minor, and it rapidly spread throughout in the mediterranean area …. wherever greeks settled coinage followed. in the span of hardly a century the innovation had become established around the aegean area, sicily, southern italy, southern france, spain …. we know that by the end of the sixth century bc most of the city - states in the greek world had their own coins … ”. see mundell, r. ( 2002 ), “ the birth of coinage ”, department of economics discussion paper series, no 0102 – 08, columbia university, new york, february. 3 in ancient rome, the first form of sovereign money ( called “ asse di bronzo ” ) was introduced by the king servius tullius in the sixth century bc. see forzoni, a. ( 2003 ), “ le origini della moneta a roma : la scelta del bronzo e il valore fiduciario dell ’ asse ”, in milano, l. and parise, n. ( eds. ), “ il regolamento degli scambi nell ’ antichita ”, laterza, bari. the “ asse di bronzo ” was a coin made in bronze weighing one “ libbra ” ( one pound ). see de bonis, r. and vangelisti, m., ( 2019 ), “ moneta. dai buoi

indeed, central bank money is a public good. euro banknotes fulfil the core function of providing people with risk - free central bank money. it is crucial to ensure that, as a form of public money, a digital euro enjoys universal reach and acceptance, as the legal tender status provides. the introduction of a digital euro also raises technical challenges. some are related to information technology and cyber risks, which will need to be managed effectively. others are related to design choices. in this respect, we can leverage the experience gained in past projects that have put us at the frontier of payments. 13 finally, the design of a digital euro would have to be consistent with key policy objectives. in particular, its design should address the possibility that investors could rapidly move significant amounts of bank deposits into a digital euro, with potential adverse effects on the banking sector and financial stability. we are exploring design strategies to address this and other challenges, and we will assess them in depth. for instance, we could set the necessary incentives through the remuneration of digital euro holdings, to make sure the digital euro is an attractive means of payment, not a form of investment. 14 what next? exploring design options, consulting the public and working together our report also describes the design options we are considering. we will explore all aspects of different options : whether they are technically feasible, whether they comply with the principles and policy objectives of the eurosystem, and whether they satisfy the needs of prospective users. but introducing a digital euro is more than a technical question. the value of money – in both physical and digital forms – is rooted in citizens ’ trust. acceptance by the public is crucial. for this reason, today we are launching our public consultation. we are seeking feedback on the design and on the financial and social issues surrounding the possible introduction of a digital euro. we welcome everyone ’ s views : citizens, merchants, the non - financial sector, professionals from the financial industry, technology companies, and academics. we encourage everyone to take part. after the public consultation and a period of preparatory work, the ecb ’ s governing council will decide – towards the middle of 2021 – whether to initiate a fully - fledged project that should lead us to define the specific characteristics of a digital euro and get ready for a possible launch. this journey will require prudence and perseverance. conclusion let me conclude. since the introduction of the euro, the ecb has been responsible for preserving citizens ’ trust in our currency.