Finance officials in the European Union are concerned US President Donald Trump’s embrace of digital assets could affect Europe’s monetary sovereignty and financial stability.“The US administration is favorable toward cryptocurrencies and especially dollar-denominated stablecoins, which may raise certain concerns in Europe,” European Stability Mechanism (ESM) managing director Pierre Gramegna said at a Eurogroup press conference on March 10. Gramegna cautioned that the US crypto pivot “could eventually reignite foreign and US tech giants’ plans to launch mass payment solutions based on dollar-denominated stablecoin,” adding, “And if this were to be successful, it could affect the euro area’s monetary sovereignty and financial stability.” The ESM “supports the ECB’s urgency in making the digital euro a reality to safeguard Europe’s strategic autonomy — this digital euro is today more necessary than ever,” he added.
Source: YouTube“Policy developments in other jurisdictions can have important consequences for us here in Europe,” concurred Irish finance minister Paschal Donohoe. “These discussions are fundamentally linked to our own autonomy and to the resilience of our currency,” he added, stating that a European central bank digital currency (CBDC) was now critical to staying ahead of the curve.
The ECB has been exploring CBDCs since 2020, including a consumer-facing retail digital euro and wholesale cross-border settlement between central banks.
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Author / Journalist: Cointelegraph by Martin Young
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