28 June 2023, 15:30
Statement by the Eurogroup President, Paschal Donohoe, on the publication of the European Commission’s Single Currency Package
The Eurogroup, as a key stakeholder and representative of national governments in the digital euro project, has been regularly discussing the various dimensions of the project for the past two years and engaging in dialogue with the European Central Bank (ECB) and the European Commission. We issued a Eurogroup statement in January, summarising our discussions to date.
The Commission has today presented legislative proposals which once adopted would set up the enabling framework on which to build the next steps in the digital euro project.
Within the Eurogroup, there is broad support for the ongoing work on the project to ensure our currency keeps pace with an increasingly more digital world. There is also a common recognition of the importance of keeping citizens, businesses and potential intermediaries well-informed and engaged in understanding the rationale and added value of the possible introduction of a digital euro. We need to be able to better explain the difference this project would make to the everyday lives of European citizens.
There’s a strong strategic rationale for safeguarding the future of the euro in a digital environment, as we are facing changes in payments technology in the decades ahead. Security, privacy, and inclusiveness must be key features, reflecting our shared values.
There are three important characteristics in the digital euro project:
- a digital euro would offer a single European digital means of payment, seamlessly usable throughout the euro area
- a digital euro would operate as an additional form of currency – physical euro cash will continue to circulate in the economy
- a digital euro could help position Europe as a leader at the forefront of financial technological innovation
We, in the Eurogroup, will continue to engage as work on this project progresses, without prejudice to the work in the legislative track.
Source – Eurogroup