The European Central Bank published research using microdata from its Consumer Expectations Survey across the 11 largest euro area countries to assess likely household uptake of a prospective digital euro and the potential for deposit outflows. The findings suggest consumers would treat a digital euro largely as a transactional “digital cash” instrument in normal times, implying only a small reallocation of liquidity away from bank deposits. Awareness of the digital euro rose from about 9% of respondents in 2021 to around 40% by March 2024, while about 45% of consumers reported they would be likely to adopt it, particularly for online and in-person retail payments. In a hypothetical EUR 10,000 windfall exercise, respondents allocated about 5% on average to a digital euro versus 53% to current or savings accounts and 12% to physical cash, and randomised holding limits between EUR 1,000 and EUR 10,000 produced no noticeable change in the share of liquid resources allocated to a digital euro. A randomised test embedding an official ECB video in the survey increased adoption propensities across use cases, including a 13 percentage point rise for offline retail payments, although follow-up questions three months later suggested the information effect faded quickly.
European Central Bank 2025-12-22
European Central Bank research finds digital euro would be used mainly for payments with limited impact on bank deposits
The European Central Bank's research using microdata from its Consumer Expectations Survey indicates that a digital euro would be primarily used as a transactional "digital cash" instrument, with minimal impact on bank deposits. Awareness of the digital euro increased from 9% in 2021 to 40% by March 2024, with 45% of consumers likely to adopt it for retail payments. A hypothetical windfall exercise showed a 5% allocation to a digital euro, and an ECB video initially increased adoption propensities, though the effect diminished over time.