have interest ethe press release de rEurogroup meeting last Monday on the digital euro. These are some of his paragraphs:
The Eurogroup reaffirms its support for the continued efforts of all European and national institutions involved in the preparatory work for the possible issuance of a digital euro, and supports that a high level of innovation and ambition is being applied in exploring its potential design and layout options.
Depending on your design, a digital euro could play a key role in an increasingly digitized economy by strengthening the strategic autonomy of the European Union, reflecting the central geopolitical role played by payment systems, in the fostering innovation in the financial sector y delivery of benefits to citizens. businesses and Member States, while preserving the role of central bank money as the anchor of our monetary system.
A digital euro should complement, not replace, cash, and must guarantee access to central bank money for users in the euro area in times of greater digitization in payments. A digital euro must be secure and resilient, guarantee a high level of privacy, be easy and convenient to use, and widely accessible to the public, including in terms of costs for end users.
To be successful, the digital euro must ensure and maintain the trust of users, for whom privacy is a key dimension and a fundamental right. At the same time, the Eurogroup also considered that the design of a digital euro must comply with other policy objectives such as preventing money laundering, illicit financing, tax evasion and ensure compliance with sanctions.
A digital euro should aim to safeguard the financial stability of the euro area. Potential risks to financial stability should be limited, for example, by imposing holding limits and restrictions on the design of the digital euro, while maintaining its attractiveness as a means of payment.
Ensuring a pan-European reach of the digital euro and at the same time catalyze innovation in the financial sector and complementarity with private solutions should be a priority.
The digital euro must focus primarily on the needs and specificities of the euro area. Interoperability with other central bank digital currencies should be an important feature of the digital euro, even for transactions between currencies. This will also take into account the development of CBDCs by other jurisdictions, in order to harness the potential benefits of faster, cheaper and more secure cross-border transactions.
We also welcome the Commission's intention to present in the first half of 2023 a legislative proposal establishing the digital euro and regulate its main characteristics, subject to the decision of the co-legislators.