Europe is playing catch-up in the global money race. According to Joachim Nagel, president of the Deutsche Bundesbank, the region is now looking more seriously at euro-denominated stablecoins!
Digital money for financial independence
Nagel recently said that Europe should support euro-denominated stablecoins, a wholesale central bank digital currency (CBDC), and a digital euro to strengthen the region’s financial sovereignty.
At the New Year’s Reception of the American Chamber of Commerce in Frankfurt, he said,
“I also see merit in euro-denominated stablecoins, as they can be used for cross-border payments by individuals and firms at low cost.”
The European Union and the United States are connected economically, with around €5.4 trillion in mutual investment stock and a partnership that accounts for roughly 30% of global trade and 44% of global GDP.
But now, Europe is considering strategic independence.
“These days, however, the previously solid ground of the transatlantic partnership values seems shaky.”
