“Digital Euro could be with us in 5 years” - MacManus

16 April, 2021 - by Chris MacManus MEP

'Digital Euro could be with us in 5 years' - MacManus

Sinn Féin MEP Chris MacManus has this week questioned the ECB about the proposed Digital Euro and what it would mean for the real economy and the all-island Irish economy.

MEP MacManus who is a member of the Parliament's Financial Technology (FinTech) working group said:

'At the Parliament's Economic Committee meeting I quizzed ECB Executive Board Member Fabio Panetta on the ECB's plans for the Digital Euro. Mr. Panetta stated that the Digital Euro could be with us within five years.

'The question now becomes what type of Digital Euro will we have. I put it to the ECB today that the advantages that the Digital Euro could bring must be relevant to workers and the real economy. While financial stability has to be ensured, the banking lobby cannot be allowed to dictate the terms of how the Digital Euro will work. The ECB and others involved must consider the global impact of the Digital Euro and not just how it impacts banks and their interests.'

'I also quizzed the ECB on the need to make sure the Digital Euro doesn't become yet another obstacle to the all-island economy. The decision as to whether people outside the Eurozone can hold Digital Euro and whether their access should be limited is up for discussion. I made it clear today that protecting and developing the all-Ireland economy must be a factor they consider. Mr. Panetta committed to taking this on board.' ENDS