Introduction
The Digital Money Research Cluster at HTWK Leipzig examines the legal foundations and design of the digital euro. It follows the EU legislative process from an academic perspective and situates the digital euro within the changing landscape of means of payment – from cash and commercial bank money to stablecoins and payment tokens.
Background
Cash is currently the only form of central bank money directly available to the public. The more payment transactions shift to digital channels and are dominated by private, often non-European providers, the more pressing the question becomes as to how central bank money can continue to serve as the anchor of the monetary order.
On 28 June 2023, the European Commission presented the so-called Single Currency Package. It comprises three proposals for regulations: on the introduction of the digital euro (COM(2023) 369 final), on the status of euro banknotes and coins as legal tender (COM(2023) 364 final) and on services involving the digital euro provided by payment service providers from Member States whose currency is not the euro (COM(2023) 368 final).
The digital euro is intended to exist alongside traditional cash as digital central bank money with the status of legal tender. It would thus be the first non-cash form of legal tender in the euro area, as it can be used digitally. The Regulation establishes the legal framework for this; the Governing Council of the ECB will decide on issuance only once the Regulation has been adopted.
You can find the research questions and the current state of the legislative process under Research, and recent publications, talks and events under News and Publications (pages in German).
Head
Cornelia Manger-Nestler heads the Digital Money Research Cluster. She is Professor of German and International Economic and Business Law at HTWK Leipzig and a lecturer in Monetary Law and Currency Policy at the Faculty of Law, Leipzig University. Her research focuses on European financial and monetary law, in particular the legal issues surrounding the digital euro. She is co-editor of the series ‘Beiträge zum Finanz- und Währungsrecht’ (Mohr Siebeck).
Room: ZU 111
Telephone: +49 341 3076-6720
Send an email
Chair’s website
LinkedIn
Postal address
HTWK Leipzig, FWW
PO Box 30 11 66
04251 Leipzig
Research staff
Clara Schneidenbach
Research Associate
Room: CL 010103
Telephone: +49 341 3076-6284
Send an email
Photo: © Saskia Pramor
Student assistants
The research cluster emerged from the project ‘Digital Money – Legal Questions of the Digital Euro’, which was funded by the Saxon State Ministry for Science, Culture and Tourism (SMWK) from 1 October 2023 to 30 June 2026. More about the funding (in German)
Illustrations: AI-generated.
