Bank of Spain Governor José Luis Escrivá sets out digital euro design features and remaining work ahead of ECB November 2025 decision

The Bank of Spain published a speech by Governor José Luis Escrivá at the 5th Observatorio de las Finanzas outlining the digital euro project and its intended role as a new European Central Bank liability for day-to-day payments, designed to complement cash and be accessed through supervised institutions. The presentation highlighted the digital euro’s stable value and “trustworthy issuer” relative to stablecoins and other crypto-assets, and linked the project to changing payment habits, including falling cash use. It noted that international card schemes account for 70% of card payment transaction value and that most mobile payment apps are non-European (including Google Pay and Apple Pay). High-level design elements cited include euro area-wide acceptance, free access to basic services for the public, 24/7 instant settlement via multiple channels, the possibility of offline payments, a high degree of privacy, and core use cases spanning person-to-person, in-store and payments with public administrations. The timeline shown places the project in a preparation phase running from November 2023 to November 2025, with an ECB Governing Council decision on next steps scheduled for November 2025. Outstanding work identified includes completing the detailed design, developing the technological platform, establishing a methodology for setting limits, and putting a legal framework in place.