Proposal to make the digital euro a reality could be ready at the end of June

The European Commissioner for the Economy, Paolo Gentiloni, has advanced this Monday that the European Commission expects to present at the end of June its proposal to make the digital euro a reality in international payments after a year of investigation by the European Central Bank (ECB).

“We are in the last preparatory phases”, confirmed the Italian commissioner at the press conference after the meeting of the eurozone Economy and Finance ministers, the Eurogroup, where the use of digital currencies by central banks was discussed.

The ministers have discussed, as explained by Gentiloni, “how the use of a digital euro in international retail payments can contribute to increasing the international role of the euro”, in the face of critical voices who warn that its implementation could threaten stability of  financial institution, such as the Bank of Spain.

“This can benefit trade relations, reduce exchange risks and, ultimately, strengthen our sovereignty,” he pointed out about some elements on which he has assured that the Brussels proposal will also focus.

For his part, the president of the Eurogroup, Paschal Donohoe, has assured that the digital euro is a “priority”, as evidenced by the recurring discussions on the matter that have been held by the ministers of the 20 euro economies in which the importance of international cooperation in*this*matter.

Source: dpa

(Reference image source: Unsplash, in collaboration with Resource Database)

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