Why Europe cannot afford to delay the digital euro
CBDC would counter the erosion of sovereignty as cash recedes, substitution by foreign digital monies and weaponisation of access, argue Biagio Bossone and Céu Pereira
The news is out: the European Central Bank has decided to proceed with the second step of the digital euro project. After two years of preparation, experimentation and consultation, the Eurosystem central bank is moving ahead to turn the digital euro from concept to implementation.
Sceptics will ask, ‘why press on? Payments work in the EU; citizens are not clamouring for change; instant transfers are spreading. Why, then, introduce new costs, risks or complexities?’
Call it common sense: if it
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