ECB head: Digital euro will be the key to Europe's payment autonomy

ECB head: Digital euro will be the key to Europe's payment autonomy

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Author: Robert Strickland (crypto expert)
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ECB head: Digital euro will be the key to Europe's payment autonomy
Christine Lagarde drew attention to the fact that the tools, which Europeans are using today for payment transactions are not always of local origin

The digital euro must play a key role in preserving European payment autonomy, ECB President Christine Lagarde said

"When you look at your wallet, look at your phone and see the apps that you use for payments or the cards that you use for payments, you very soon realize that those payment instruments are not necessarily European," Lagarde said.

Lagarde noted that some call it sovereign autonomy, but she prefers to call it "sustainability."

In January, the ECB published a presentation on the digital form of the European currency. The authors of the report also emphasized that issuing a digital euro would strengthen the eurozone's strategic autonomy, increasing its independence from non-European payment solutions.

The presentation was released after a meeting of eurozone finance ministers to discuss the political aspects of digital currencies. The ministers said they supported the continuation of preparatory work for the introduction of the digital euro.

The final decision on the issue of the digital euro will not be taken before 2024.

 

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