Skip to Content

Vote of the European Parliament on Christine Lagarde's nomination. Wikipedia

EU Commission and ECB: Digital euro will be a reality in five years

The EU Commission and the European Central Bank have announced that they will work together on the technical implementation of the digital euro. “We need a digital euro. This requires the digitization of the economy and finance, ”said the Vice President of the EU Commission, Valdis Dombrovskis, on Wednesday in Brussels.

Published: January 22, 2021, 8:36 am

    Read more

    Brussels

    “We observe that the importance of cash is gradually declining. A digital euro is an additional way of paying and saving,” added the Latvian politician. The digital euro should, however, only complement cash, not replace it. “We are setting up a joint group of experts in order to clarify the institutional, legal and practical aspects of creating a digital euro,” explained Dombrovskis, according to the Handelsblatt.

    ECB President Christine Lagarde had previously emphasized: “We will have a digital euro.” This will not happen tomorrow, “it will take some time to ensure that there is something that is safe”. She estimated that the e-euro will be available in five years. It will be issued and controlled by the ECB.

    The digital euro is going to be kept in a kind of virtual wallet, according to EU sources. Payments should be possible both online and offline via an app. The account on which E-Euros are stored belongs to the ECB, but it is going to be managed by the commercial banks.

    Contrary to some forecasts, cash retained its top position in payments in the Corona year 2020. According to the Deutsche Bundesbank, 60 percent of all transactions in Germany were made with coins and bills. This was followed by debit cards with 23 percent. Compared to three years ago, however, cash decreased by 14 percentage points, which is also due to the fact that purchases on the Internet have increased.

    Consider donating to support our work

    Help us to produce more articles like this. FreeWestMedia is depending on donations from our readers to keep going. With your help, we expose the mainstream fake news agenda.

    Keep ​your language polite​. Readers from many different countries visit and contribute to Free West Media and we must therefore obey the rules in​,​ for example​, ​Germany. Illegal content will be deleted.

    If you have been approved to post comments without preview from FWM, you are responsible for violation​s​ of​ any​ law. This means that FWM may be forced to cooperate with authorities in a possible crime investigation.

    If your comments are subject to preview ​by FWM, please be patient. We continually review comments but depending on the time of day it can take up to several hours before your comment is reviewed.

    We reserve the right to del​ete​ comments that are offensive, contain slander or foul language, or are irrelevant to the discussion.

    Europe

    The debate around Islamo-leftism ignites in France

    The debate around rising Islamo-leftism in France gives the impression of gigantic amateurism, while testimonies accumulate in the press on the growing racial divide happening in universities in the country. Germany will not spared either.

    Danish PM: Coronavirus is here to stay

    CopenhagenDanish Prime Minister Mette Frederiksen has warned that the Coronavirus was here to stay. She sees a bright future for vaccine sales globally. Over 206 million vaccine doses have already been dispensed and American pharma giant Pfizer has projected a profit of 15 billion for 2021. It is a very lucrative start for the Covid Industrial Complex.

    Study: Young European women massively avoid public places for fear of being sexually assaulted

    ViennaAn overwhelming majority of young women in Europe avoid certain places or neighbourhoods for fear of being assaulted or harassed, according to a European report published on Friday.

    German taxpayers fund left-wing extremist clubs

    BerlinLeft-wing extremist groups in Germany are subsidized by the state. Every now and then, the real extent of this phenomenon is expressed in numbers: For example, in 2018 an AfD inquiry to the federal government revealed some hard facts.

    Thaïs d’Escufon from Generation Identity responds to their dissolution

    ParisA few days ago, the French Ministry of the Interior notified Génération Identitaire of their dissolution. They now have 10 days to respond in order to avoid it. Why this dissolution? Thaïs d'Escufon responded to the threat.

    Antifa trash AfD stand, viciously attack candidate

    Schorndorf An AfD information booth in Schorndorf became a crime scene on Saturday. At around 9:45 am, Landtag candidate Stephan Schwarz was attacked by a mob from the left-wing extremist group Antifa. He was brought to the ground and beaten all over his body with sticks and kicked.

    Medical treatment for chronic patient refused for political reasons

    BerlinA political quarrel should end because the means to solve it is provided by law. Health has nothing to do with it - at least one should hope so. But the case of an AfD candidate in the Bundestag in Baden-Württemberg has raised serious doubt.

    French teacher under police protection after he reveals Islamization in Trappes

    TrappesIn France, a teacher received death threats after warning of the growing influence of Islamism in the country. The philosophy teacher Didier Lemaire says he is now under police protection, reported the AFP news agency. The Versailles prosecutor said they were investigating the threats.

    German study: ‘Most journalists are leftwing’

    LeipzigThe Leipzig communication scientist Christian Hoffmann confirmed that German journalism has a left-wing bias. "A clear majority of journalists are positioned to the left of the centre," Hofmann told a Swiss daily.

    Netherlands: National Counterterrorism and Security Coordinator concerned about Erdogan’s influence

    The HagueThe National Counterterrorism and Security Coordinator (NCTV) is concerned about the rise of the influence of the Turkish leader among Dutch people of Turkish origin. In an internal memo that HP/De Tijd has in its possession, the NCTV reported that Turkish President Erdogan is implementing a strategy of conscious Islamization in the Netherlands.

    Go to archive