The finance ministers of the euro zone countries have issued a statement on the introduction of the digital euro after a meeting in Brussels. The Eurogroup meets regularly to discuss the political dimensions of potential digital currencies, he said. The January 16 statement coincided with the release of a European Central Bank (ECB) “stock taking” document detailing progress in the design of the digital euro.
The Eurogroup statement stated the need for the European Central Bank and the European Commission to inform the Eurogroup and EU member states about the development of the digital euro, which is in the investigation phase. The statement said:
“The Eurogroup considers that the introduction of the digital euro as well as its main features and design options require political decisions to be discussed and taken at the political level.”
The group notes the issues they are watching, including the environmental impact of digital currencies, privacy, financial stability and related issues. It also expressed interest in non-eurozone EU member states’ plans for central bank digital currencies.
“Breaking News: The finance minister of the European Union uses a statement on the Digital Euro, controlling it by stating that the main features and design choices require a political decision. #DigitalEuro #EUFinance #economy #Fintech #Blockchain #Crypto”
Here is the result https://t.co/VAuUZSRDQe
– Jonas Frederiksen (@europe4crypto) January 16, 2023
Members of the group are “ready to contribute to the discussion,” he said, adding:
“We are also welcome [European] The Commission intends to table in the first half of 2023 a legislative proposal that will establish the digital euro and regulate its main features, according to the decision of the co-legislators.
The proposal is aimed before the Governing Council of the ECB examines the results of the digital currency investigation phase in the third quarter of the year.
Related: Queen Máxima of the Netherlands comes out in support of the digital euro
Eurogroup’s statement came a day after a former Bank of England adviser published an editorial in the Financial Times saying that creating a CBDC was not worth the costs and risks.