ECB digital euro scheme Rulebook Development Group - Your opportunity to participate in a VDT mirror working group!
The VDT is mandated to represent the interests of European treasurers in the ECB working group that is drafting the rules for the digital euro. Experts from the treasury profession – VDT membership not necessary – are asked to participate to reflect the interest and concerns of the Treasury community within the rulebook.
As already announced in the VDT-Newsroom on 17 February 2023 and in the VDT Newsletter as of 22 February 2023, we are pleased to have received the mandate to participate in the digital euro scheme Rulebook Development Group (RDG) of the ECB.
The main objective for the first phase of the work of the digital euro RDG is to develop a draft digital euro rulebook building on the design decisions taken by the Governing Council of the Eurosystem.
Mission of the VDT
Under this mandate the VDT will establish an European working group (mirror working group) to reflect the interest and concerns of the Treasury community within the draft digital euro rulebook. Therefore, the VDT is looking for experts from the treasury profession (e.g. qualified in the areas of electronic payments, retail payments). The interested parties are asked for active cooperation and participation.
Task of the VDT mirror working group and your participation
We will share the working papers provided to the RDG group with the participants of the VDT mirror working group for their review, i.e. they will have the opportunity to comment on the papers and to make recommendations. The general meetings of the mirror working group will take place virtually. The interval will be as necessary (assumably twice a month).
As a possible participant of the mirror working group, you could set impulses directly on the highest level by having your opinions / recommendations represented by the VDT in the digital euro RDG. You find some key data on the ECB Working Group below. Please note: The digital Euro RDG and its members follow a tight schedule. This means feedback is to be delivered in very short time. If you are interested to support the VDT under its mandate, please contact Kirsten Stahnke by email. You are also welcome to forward this information to your fellow (European) companies. VDT membership is not necessary, as it is the European opinion of treasurers that counts here!
What happens next?
We are offering an online event on 24 March 2023 from noon to 1:00 p.m. CET for all interested parties to discuss the organisation and working methods of the mirror working group. Please note that we will not focus on the setup of the digital€. If you want to attend the online event to get further information on the VDT mirror working group, please send an email to Kirsten Stahnke with the subject line “mirror working group”.
The digital euro RDG’s working methods
Deliverables / Target of the RDG
The digital euro RDG will develop a set of rules, practices and “standards”, e.g.
- User management e.g. lifecycle management of digital euro users and their payment instruments,
- Liquidity management e.g. funding and defunding of end users’ holdings from commercial bank sources, or from cash
- Transaction management e.g. initiation, authentication, validation, settlement instructions and post settlement acitivites incl. reconciliation.
Group Organisation
The digital euro RDG will usually meet once a month. The members of the digital euro RDG will receive the draft agenda and all supporting material at least one week ahead of the meetings. Comments are to be provided by the RDG members in writing at least three working days ahead of the next meeting.
Support of the RDG by Workstreams (Sub-Working-Groups)
It is planned to set up workstreams for some deliverables. These workstreams will require specific skills and knowledge. The workstreams are expected to work agile and fast-moving. They will report to the digital euro RDG. The minimum lifecycle of a workstream is eight weeks and can be extended by additional periods of four weeks.
Possible workstreams of the digital euro RDG (see Download) – Source: Extract of the documents from the kick-off meeting of the digital Euro RDG on 15.07.2023
Based on the reports of the workstreams and other parameters the RDG will develop recommendations. Each Workstream will have an official mandate defining its objectives and composition.
Important: On 3 March 2023 the ECB issued a call for applications to participate in the scheme compatibility digital euro workstream. Applications are accepted until 17 March 2023. For further information see the ECB website
We very much look forward to your feedback on joining the VDT mirror working group. With an active participation we have the possibility to contribute.
