ECB Praises European Commission’s Digital Euro Proposal as Key to Competing With the Private Sector
In a speech to the European Parliament's Committee on Economic and Monetary Affairs on September 4th, European Central Bank (ECB) executive board member Fabio Panetta presented a compelling case for Europe's pursuit of the digital euro.
Panetta's address centered on the European Commission's (EC) legislative proposals regarding the digital euro.
These proposals, as outlined in the speech, are poised to establish Europe as a trailblazer in the realm of central bank digital currencies (CBDCs) while also aiming to mitigate private entities' potential domination of the financial sector.
He noted that the project's inception dates back to October 2020, when the ECB published its first report on a digital euro.
This early groundwork ultimately led to the formal launch of the digital euro investigation phase in October 2021.
Throughout this journey, the ECB has shared numerous reports and studies with the European Parliament, offering transparency and accessibility to citizens and stakeholders alike.
The collaborative efforts have culminated in the discussion of 110 questions posed by the Committee.
In June, the EC introduced its single currency package, which included legislative proposals concerning the digital euro and the legal tender status of physical cash.
Panetta welcomed these proposals, describing them as groundbreaking. He asserted that they position Europe at the forefront of advanced economies concerning CBDC initiatives.
The legislative proposals create a new way to protect monetary sovereignty in the digital age while preserving financial freedom.
They allow Europeans to choose between public and private payment methods, with no obligation to use the digital euro, ensuring user autonomy.
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