The finance ministers from the eurozone nations have launched a statement on the introduction of the digital euro after a gathering in Brussels. The Eurogroup meets frequently to debate political dimensions of the potential digital foreign money, it mentioned. The Jan. 16 statement coincides with the discharge of a European Central Bank (ECB) “stock taking” doc detailing the progress of digital euro design.
The Eurogroup statement addressed the necessity for the European Central Bank and European Commission to tell the Eurogroup and EU member states of developments within the creation of the digital euro, which is in its investigative part. The statement mentioned:
“The Eurogroup considers that the introduction of a digital euro as well as its main features and design choices requires political decisions that should be discussed and taken at the political level.”
The group listed the problems it was watching, which included the environmental impacts of a digital foreign money, privateness, monetary stability and associated points. It additionally expressed curiosity within the plans of non-eurozone European Union member states with regard to central financial institution digital currencies.
“Breaking News: EU finance ministers adopt statement on Digital Euro, taking control by stating that key features and design choices require political decisions. #DigitalEuro #EUFinance #economy #Fintech #Blockchain #Crypto”
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— Jonas Frederiksen (@europe4crypto) January 16, 2023
The members of the group “stand ready to contribute to these discussions,” they assured, including:
“We also welcome the [European] Commission’s intention to table in the first half of 2023 a legislative proposal that would establish the digital euro and regulate its main features, subject to the decision of the co-legislators.”
That proposal is meant to come back earlier than the ECB Governing Council critiques the outcomes of the digital foreign money investigative part within the third quarter of the yr.
Related: Queen Máxima of the Netherlands comes out in assist of digital euro
The Eurogroup statement comes a day after a former Bank of England adviser printed an editorial within the Financial Times saying that creating CBDCs will not be price the fee and danger.
