Eurozone finance ministers pledge to support the Digital Euro project

Eurozone finance ministers pledge to support the Digital Euro project

Digital Euro

The finance ministers of EU member states that have adopted the single European currency met in Brussels on Monday to celebrate Croatia’s entry into the eurozone and discuss current issues, from the economic situation to the coordination of fiscal policy in the eurozone

One of the topics discussed was the promotion of the initiative to issue CBDC – the digital version of the euro. In a statement adopted by the forum, government officials pledged to continue their involvement, with Pascal Donoghue, president of the informal format, saying:

“What we plan to do is to continue our political engagement with the ECB and the Commission as they move forward in their processes because today the Eurogroup has recognized that many of the decisions that are expected are inherently political”

The joint ministerial statement says that the Eurogroup considers the introduction of the digital euro, as well as the definition of its main characteristics and the choice of design, require political decisions to be discussed and taken at the political level.

Reaffirming their commitment to support the project, which is still under study initiated in mid-2021, the ministers also stressed that any future decision on a possible release “will only be taken after further study at a possible implementation stage”.

After discussion, the group members, among other recommendations, insisted that the digital euro complement rather than replace cash. They also said and explained that a central bank digital currency (CBDC) should provide a high level of privacy:

“To be successful, the digital euro must secure and maintain the trust of users for whom privacy is a key aspect and a fundamental right”

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