Press Statement from Frances Fitzgerald MEP
Friday 30th June 2023
Frances Fitzgerald MEP says digital euro must have confidence of the public
Frances Fitzgerald said, “The digital euro is a bold step forward for the euro into a digital payments age. It is a convenient source of digital money that will be acceptable everywhere in the euro-area - the first truly pan-European digital payments system. It appears that the big reason to have a digital euro right now is to provide leadership globally and anticipate the challenges of a more digital future. But there is significant work to be done to ensure public buy-in. As the negotiations progress and the details of the framework start to emerge, we should be in a better position to judge whether the time is truly right for a digital euro. For now, we should remain open and optimistic towards the concept and the opportunities it can provide. The EU can and should become a leader in this field and buck its trend of responding often far too late to rapidly developing technologies and ideas.
As it stands, it is unclear how long this stage of the process may take and so the Digital Euro may remain a plan for quite some time to come. Ultimately, it will be a matter for the ECB how and when any digital euro is issued. But crucially, if a digital euro does not have the confidence of citizens and businesses, then it will not be a success. Trust, safety, and access - these are the core principles that underpin our monetary system. It is our duty to create a digital euro that upholds these values, while also ensuring we meet the challenges of the future.”
Contact: Michael Ward