Central Bank Digital Currency and the Treaty Mandate of the European Central Bank
摘要
Is the EU constitutional framework proof for the issuance of euro banknotes, coins and digital euros alike? This chapter focuses on the legal mandate of the European Central Bank (ECB) at primary level, following the EU Treaties, for issuing a Central Bank Digital Currency (CBDC) or a ‘digital euro’ in the EU context. The currency is a vehicle for public money, whose format can change to deliver appropriately the tasks and functions of the central bank. Therefore, I argue that the right to issue euro banknotes can encompass the right to determine the format or medium of ‘euro banknotes’, which is, in that case, transposing to the digital reality of the economy. The ECB Governing Council stressed the objective to ensure an openly accessible, electronic means of payment, for retail, which I coin as ‘universal and inclusive’. This means not only to ensure the wide availability and use of the digital euro, but also to consider the complementary phases within the digital euro ‘scheme’, namely its issuance, distribution and settlement. Grounded in public and EU monetary law, the chapter traces the legal and institutional evolution of the euro and considers recent policy developments, including the preparatory work leading to the Single Currency Package. I concur with the approach of the cumulation of legal bases which enables, legally and constitutionally, the entire digital euro scheme. Moreover, broader constitutional challenges include the concept of legal tender and its implementation. By doing so, the chapter provides a comprehensive legal analysis on the path towards a digital euro that is both legally robust and inclusive.