ECB Head Says Digital Euro Will Strengthen Eurozone Financial Sovereignty
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Christine Lagarde, head of the European Central Bank (ECB), has said the digital euro will eliminate the risks of loss of financial sovereignty in the eurozone.

According to her:

"The entry of big tech into payments could increase the risk of market domination and dependence on foreign payment technologies with consequences for Europe strategic autonomy."

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Thierry Breton, European Commissioner for the Internal Market, has said similarly:

"We cannot let anyone other than us Europeans say what will happen in our digital market in terms of payment. We are lacking a pan-European digital solution for payments. If we do not come with solutions, others will."

According to Lagarde, issuing a CBDC could mitigate these risks, support the credibility of the monetary system and promote innovation. The head of the ECB has promised the European Commission will soon present a legislative proposal on this possibility.

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US Treasury Undersecretary Nellie Liang has said that, unlike the EU, Washington will not rush to make a decision on a digital dollar.

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