Digital Euro: the Banque de France urges the ECB to accelerate

Posted on Jul 2, 2021 3:04 PMUpdated on Jul 2, 2021, 5:23 PM

“On the digital euro, we must be ready to act as quickly as necessary, otherwise we would risk an erosion of our monetary sovereignty, which we cannot tolerate! The message is unambiguous. And François Villeroy de Galhau hammered it on twice this week, first in front of international finance players gathered at the Paris Europlace forum, then as part of the Paris Fintech Forum.

The governor of the Banque de France was indeed worried about the rapid progress of China in the field of central bank digital currencies (MNBC). “The digital yuan is already available in most major Chinese cities,” the Frenchman warned. At the same time, however, the European Central Bank, which is nevertheless one of the most advanced in its reflections, has still not decided whether it intends to continue the adventure. A formal announcement should take place in the coming days.

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