A new ECB report concluded that the bank should prepare to launch a digital coin to ensure a quick rollout if it decides to go ahead with one. The ECB will now hold publication consultations about a potential coin. (The Logic)

Talking point: The ECB will decide by mid-2021 whether or not to launch a coin. That timeline would put it slightly behind China, which is planning to launch one this year, but well ahead of most other regions. The Bank of Canada, for its part, said in June there was no “compelling case” to issue its own digital currency. The ECB ruled out getting rid of paper and coin money, but steered clear of recommending a specific design option for the digital coin. The bank’s report highlights a number of potential benefits. As Fabio Panetta, chair of the group putting together the report, put it, “A digital euro would support Europe’s drive towards continued innovation. It would also contribute to its financial sovereignty and strengthen the international role of the euro.”