European Central Bank President Christine Lagarde has introduced the concept of the digital Euro, emphasizing its accessibility for all segments of society and the importance of global competitiveness.
Christine Lagarde on Digital Euro
Christine Lagarde stated that the digital Euro will be designed to meet the needs of every citizen. She emphasized that the currency must be inclusive, accessible, and fair. Lagarde noted that the project aims to convey the benefits of the digital Euro to diverse segments of the population.
Comparison with Digital Yuan
Lagarde cited the implementation of the digital Yuan in China as a model to follow. She highlighted that in China, the digital currency has been successfully tested and rolled out to millions of users, including small businesses and ordinary citizens. The ECB aims to develop a similar strategy for the Euro, ensuring wide access for consumers and merchants.
CBDC Competition and Euro's International Role
The ECB is also positioning the digital Euro as a key player in international trade. The currency is expected to launch officially by October 2025, which should enhance the Euro's role in international markets and reduce dependency on the US dollar. However, there remains uncertainty among several countries regarding the adoption of CBDCs.
As the ECB accelerates its development of the digital Euro, it focuses on inclusivity and international competitiveness, drawing inspiration from the successful example of the digital Yuan and striving to adapt to new conditions in the global financial landscape.
