19
Apr
2023
Watch
Digital euro (debate)
Madam President, Commissioner, I am very glad that this debate is taking place today, because it is a very important debate. There is no doubt that the digital euro proposal would improve the efficiency of payments by reducing costs and transaction times. It would also strengthen the international role of the euro by allowing the EU to diversify its international foreign exchange reserves and reduce its dependence on the US dollar. In short, it would position us one step closer to our goals of digitization and strengthening the position of the European Union in the global economy. However, at this final stage of the design of this proposal, we must bear in mind that the digital euro must not be presented, in any scenario, as an instrument for creating deposits of value in the European Central Bank and that it must be a means of payment that competes on equal terms with those already existing. Otherwise, the creation of the digital euro would have a negative impact on the financing of the economy and the stability of the European banking system. In this regard, it is important to recall that commercial banks are the fundamental link in the Union’s monetary policy and that their essential role in financial intermediation should not be undermined by the introduction of the digital euro. In this way, the European financial system will be able to continue to function efficiently to support the real economy. In conclusion, I urge the Commission to put in place the necessary safeguards for the future digital euro to fulfil its purpose of improving the lives of European citizens, while preserving the financial stability and integrity of the European banking system.