Dombrovskis, EU: "The future of the euro is digital, our system must adapt"

“European societies and economies are rapidly digitizing, we must embrace the digital age” and “our monetary system must also adapt to a digitized future”.

This was announced by the vice president of the EU Commission, Valdis Dombrovskis, in his speech at the joint conference with the ECB on the digital euro. 

For this reason, the European Commission intends to present a legislative proposal on the digital euro "by the first half of 2023" and then start negotiations with "the European Parliament and the Member States".

Christine Lagarde also spoke on the subject: "The digital euro is not just an autonomous project confined to the payments sector, it is rather a truly European political initiative that has the potential to influence society as a whole".

The president of the ECB then noted how necessary it is "to maintain citizens' trust in money and payment services in the digital age is an important goal in and of itself, but it is even more important for the European economy in general. because a reliable, efficient and secure payment system is the basis for the functioning of our economies ".   

"I can't wait to see the proposal that the European Commission will present", said Lagarde, insisting on the need to find "the right balance" between the various elements, with particular attention to safeguarding privacy.

"We aim for high standards of privacy, but full anonymity is not an available option, because it would contradict other demands, such as the fight against money laundering or the financing of terrorism".

The president of the ECB therefore insisted on the importance of establishing precise and clear rules, in order to allow an effective adaptation of systems and procedures: "The timely adoption of a legal framework for the digital euro would give everyone legal certainty for prepare for its possible introduction and would give a strong signal of political support. I am convinced that joining forces and continuing to work together is the best way to transition to the digital age. The ECB will be there and will do what is expected what do you face ", he concluded.