Digital euro intended to be sovereign and safe, cheap and widely available, Christine Lagarde says.
The digital euro has an important role in preserving the payment autonomy of Europe, the head of the eurozone’s monetary authority emphasized. The new currency, which is still under development, is meant to be sovereign and safe, cheap and widely available, Christine Lagarde assured during a discussion devoted to central bank digital currencies.
“When you look at your wallet and you look at your telephone and see the applications that you use for payments or the cards that you use for payment, you very soon realize that those means of payments are not necessarily European,” Lagarde elaborated, quoted by Bloomberg. During the discussion held and recorded earlier in March but posted on Tuesday, the top ECB executive warned against relying on a single source for critical aspects of daily life, referring to Russia’s decision to weaponize energy supply following its invasion of Ukraine as an example, and adding:
So we just have to be careful. Some people will call it sovereign autonomy, I prefer to call it resilience because that’s really what it is.
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