In the US, with Donald Trump’s arrival at the White House, Bitcoin reached record levels, and even the “meme coin” launched by Trump himself gained billions in capitalization. In Europe, however, the debate on digital currencies, particularly the introduction of the digital euro, remains stalled. It is time to take a decisive step in this direction.
The digital euro, promoted by the European Central Bank (ECB), represents a true revolution: a new form of digital public money, safe and accessible to all citizens of the euro area through accounts opened directly with the ECB. Unlike private money in bank accounts, which can be at risk during a crisis, the digital euro would be state-guaranteed and risk-free, just like the banknotes in our pockets. This tool would not only strengthen our economic and strategic sovereignty but also provide a concrete response to the volatility and lack of regulation of cryptocurrencies, which cannot offer a stable and secure payment method.
Currently, electronic payments in Europe are dominated by foreign giants, particularly American companies like Visa and Mastercard, which impose high fees, especially on small traders. The introduction of the digital euro could create a European alternative, reducing costs for consumers and sellers and fostering a more competitive payment system. Additionally, this project would enable the development of a European infrastructure for digital payments, decreasing our reliance on external actors.
Europe loses approximately 824 billion euros annually due to tax evasion, jeopardizing the stability of our welfare system and the sustainability of public services. One of the main causes of this loss is the difficulty in tracking financial transactions through traditional payment methods. The digital euro, with its potential to reduce fees, particularly for small traders, would make electronic payments more accessible and widespread. This would enhance the traceability of transactions, creating a more transparent and secure system, which is crucial in the fight against tax evasion.
However, the digital euro project is encountering political and national resistance, as some governments fear that its introduction could destabilize the traditional banking system by facilitating the transfer of deposits from private banks to digital euro accounts at the central bank. It is crucial to overcome these political divisions, as the digital euro represents both a strategic and an economic opportunity. We cannot allow the debate to be hindered by unfounded fears or vested interests. As the 5-Star Movement in the European Parliament, we strongly support the introduction of the digital euro because we believe it can be a crucial resource in the fight against tax evasion and in advancing European economic autonomy.
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