68 Economists Warn EU Will Lose Control of Money Without Digital Euro
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A group of 68 economists, including Thomas Piketty, urge the European Parliament to support the development of a digital euro by the ECB to maintain control over Europe’s payment system. They warn that without it, Europe could become reliant on US firms and dollar stablecoins, facing pushback from major European banks like Deutsche Bank and BNP Paribas.
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- The letter calls for full support in creating a digital euro, a digital currency that would be issued by the European Central Bank (ECB).
- Economists warn that without a public digital currency, Europe’s payment system could be taken over by private American companies like Visa, Mastercard, and PayPal, and potentially by US dollar stablecoins.
- There is a strong pushback, especially from big European banks like Deutsche Bank, BNP Paribas, and ING.
A group of 68 leading economists, featuring well-known figures such as Thomas Piketty, has published an open letter to European Parliament members. It calls for full support in creating a digital euro, a digital currency that would be issued by the European Central Bank (ECB).
The economists argue that if the digital euro is not adopted, Europe will lose control over its own monetary system and become more dependent on paym…
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