This Spring, the European Central Bank will decide whether or not to move ahead with preparatory work to launch a digital euro, a project that could have far-reaching implications for the very foundations of the financial system.

Central bankers were given a wake up call in 2019, following Facebook’s announcement of its intentions to develop its own digital currency, which was called ‘Libra’ and now ‘Diem’ in Summer 2019, and since then discussions have been taking place at the ECB with regards to the notion of the ECB developing its own digital currency.