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The digital euro: awareness, adoption and household portfolios

Author

Listed:
  • Georgarakos, Dimitris
  • Kenny, Geoff
  • Laeven, Luc
  • Meyer, Justus

Abstract

Based on a series of novel experiments fielded within the ECB’s Consumer Expectations Survey, we provide evidence on the attitudes of euro area consumers towards a possible central bank digital currency (CBDC). We document substantial socio‑demographic heterogeneity in consumers’ awareness and willingness to adopt a CBDC. According to survey responses, a sizeable share of around 45% of households would be interested in potentially adopting this new asset. In a scenario where a CBDC is introduced in the euro area, consumers would allocate on average a moderate fraction of a positive wealth shock to such a new asset. Holding limits in the range of €3,000 to €10,000 would in normal times not result in significant disintermediation in the banking system. According to the survey responses, effective communication of the CBDC’s key features could increase the propensity of its adoption by consumers, but this would tend to be short-lived. JEL Classification: E41, E58, D12, D14, G51

Suggested Citation

  • Georgarakos, Dimitris & Kenny, Geoff & Laeven, Luc & Meyer, Justus, 2025. "The digital euro: awareness, adoption and household portfolios," Research Bulletin, European Central Bank, vol. 138.
    • Handle: RePEc:ecb:ecbrbu:2025:0138:
    Note: 483508
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    Keywords

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    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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