03 Jul, 2023

Digital euro: More secure, reliable and competitive currency

Renew Europe welcomes the European Commission’s legislative proposal establishing a digital euro, which aims to provide the EU with a solid regulatory framework to be at the forefront of the digital transition in the payments sector, while ensuring that nobody is left behind.

As the leading political group on economic and financial matters in the European Parliament, Renew Europe published a policy paper explaining their position and political priorities on the design and uses of a future digital currency.

Renew Europe believes European payments must be supported by a competitive and innovative market, capable of meeting consumer demands. It supports a digital euro that is trustworthy, secure and easy to use, and designed in a way that allows anonymity and ensures citizens’ privacy in small financial transactions. Additionally, it must provide EU citizens with value beyond what is already offered by existing digital payment services and strengthen the fight against money laundering and tax evasion.

Other key aspects include the prevention of a digital euro from having any potential negative influence on deposit levels and banks' capacity to lend, and the free involvement of relevant intermediaries. A digital euro will help Eurozone countries to assert sovereignty, reinforce Europe’s open strategic autonomy in the payments sector and promote financial inclusion.

You can read more in Renew Europe’s position paper here.

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