As a seasoned analyst with a decade of experience in global financial markets, I find myself increasingly concerned about the delays in the digital euro project within the European Union. My career has taken me across continents, from the bustling financial hubs of New York to the historic cityscapes of London, and I’ve witnessed firsthand how quickly the landscape can change when it comes to technology and finance.
The European Central Bank is advocating for quicker steps towards a digital euro, warning that delays in legislation might slow down development, especially with increasing international competition.
In the European Union, the development of the digital euro is encountering setbacks, as the European Central Bank is advocating for a quicker response to keep pace with international counterparts and avoid lagging behind in the digital currency race.
Evelien Witlox, the project leader at the European Central Bank for the digital euro, recently stated in an interview with Euronews that Europe needs to expedite its progress on this matter to stay competitive, as other major players such as the U.K. and China are also investigating central bank digital currencies and could potentially surpass us if we don’t act swiftly.
To date, there isn’t a unified digital payment solution across Europe, as 13 out of the 20 countries in the eurozone don’t have their own national card system. Instead, they rely on global players such as Visa and Mastercard. According to Witlox, this market remains divided, with the solutions that almost cover the entire continent being non-European.
The European Central Bank (ECB) started exploring a Central Bank Digital Currency (CBDC) in October 2021. But, for the digital euro to progress, the European Parliament and Council need to finalize the necessary laws – a step that remains unfinished more than 17 months after the European Commission’s initial proposal. This delay has sparked worries within the ECB, as highlighted by Witlox.
Although discussions on the digital euro have made progress, Witlox reiterated the need for urgency to keep “sufficient pace in this process so that we can ensure that the digital euro will be there when we really need it.” Although there is no set timeline for the digital euro’s launch, Witlox remains optimistic, stressing that Europe is still “at the forefront of the development [of a CBDC].”
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2024-11-21 12:24