EU finance ministers’ group releases statement on political aspects of digital euro

The Eurogroup, consisting of each the concern ministers from the euro-zone countries, released a connection Jan. 16 connected the instauration of the integer euro, aft gathering successful Brussels. The radical meets regularly to sermon governmental dimensions of the imaginable integer currency, it said. The connection merchandise coincides with the merchandise of a European Central Bank (ECB) “stock taking” papers detailing the advancement of integer euro design.

The Eurogroup connection addressed the request for the European Central Bank and European Commission to pass the Eurogroup and EU subordinate states of developments successful the instauration of the integer euro, which is successful its investigative phase. The connection said:

“The Eurogroup considers that the instauration of a integer euro arsenic good arsenic its main features and plan choices requires governmental decisions that should beryllium discussed and taken astatine the governmental level.”

The radical listed the issues it was watching, which included biology impacts of a integer currency, privacy, fiscal stableness and related issues. It besides expressed an involvement successful the plans of non-euro-zone European Union members states successful regards to cardinal slope integer currencies.

— Jonas Frederiksen (@europe4crypto) January 16, 2023

The members of the radical “stand acceptable to lend to these discussions,” they assured, adding:

“We besides invited the [European] Commission’s volition to array successful the archetypal fractional of 2023 a legislative connection that would found the integer euro and modulate its main features, taxable to the determination of the co-legislators.”

That connection is intended to travel earlier the ECB Governing Council reviews the results of the integer currency investigative signifier successful the 3rd 4th of the year.

Related: Queen Máxima of the Netherlands comes retired successful enactment of integer euro

The Eurogroup connection comes a time aft a erstwhile Bank of England counsel published an editorial successful The Financial Times saying that creating CBDCs is not worthy the outgo and risk.