More than 60 economists have implored EU parliamentarians to back the digital euro, warning the Eurozone would “lose control” of its own money and become more dependent on US companies were the project to fail.
“A strong public digital euro is not a nice-to-have, it is an essential safeguard of European sovereignty, stability, and resilience,” the economists, including French academic Thomas Piketty, argue in an open letter to MEPs ahead of a European parliament hearing on the subject next week.
The European Council has supported the European Central Bank’s plan to launch an electronic equivalent to cash by 2029. But it is unclear if the proposal will receive the necessary backing by a majority of the European parliament in a crucial vote later this year.