Johan Van Overtveldt: “The digital euro is a solution in search of a problem”

Several MEPs who sit on the Economic and Monetary Affairs Committee (ECON) are asking the European Central Bank in a letter to wait before introducing the digital euro. “There are still a lot of ambiguities, especially about the added value of the digital currency for the general public,” says Johan Van Overtveldt, a member of the committee.

“The digital euro is a solution in search of a problem,” Van Overtveldt says. “Given the uncertainty and ambiguities that are still prevalent, we call for its introduction not to be rushed. Too little is currently known about its impact. To date, the ECB has not sufficiently investigated what the cost will be, who exactly will pay for this, and what this will ultimately mean for the end user.”

On top of that, the legislative framework for the digital currency still needs to take shape. The negotiations on this have yet to start. “It would therefore be unwise to disrupt these procedures,” Johan states. The committee members also urge the ECB to increase transparency and democratic oversight by the European Parliament and the European Council.