The European Central Bank (ECB) is moving towards launching the Digital Euro, a central bank digital currency (CBDC), set for October 2025, contingent on legislative approval. Christine Lagarde emphasized its importance, especially amid the financial challenges posed by the EU's defense initiatives. The ReArm Europe plan requires substantial funding, leading to discussions of utilizing private savings through the Savings and Investments Union. This creates a crucial situation where the European public remains excluded from discussions that significantly impact their financial landscape.
President Lagarde stressed that the digital euro is 'more relevant than ever,' highlighting its planned launch in October 2025, contingent upon essential legislative approval.
The Digital Euro emerges amid significant financial demands on the EU, notably the €800 billion required for the ReArm Europe initiative proposed by Ursula von der Leyen.
The EU's 'Savings and Investments Union' seeks to mobilize €10 trillion in private savings for military funding, underscoring the urgent need for fiscal support in uncertain times.
Critics note the absence of the European public in the decision-making process for the Digital Euro, despite the profound impact it will have on their finances.
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