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14 July 2021

Common Statement of the Finance Ministries of Germany and France to the digital euro

  • France and Germany support the ECB’s work on the digital euro and the Governing Council’s decision today [07/14] to launch the so-called investigation phase. While many steps are still to be conducted, this pilot phase for the digital euro will help to assess and evaluate the opportunities and challenges presented by such a means of payment.
  • A digital Euro has many positive aspects and comes with huge opportunities – as the great integrative forces of the Euro currency have shown. It will be essential in preserving our digital and monetary sovereigntyy. It represents a relevant alternative to the development of private crypto-assets as means of payment, or to the development of foreign central bank digital currencies. A digital Euro does not only contribute to pan-European digital payments but could also boost innovation and support the international role of the Euro.
  • A digital euro also raises key non-monetary issues, for both citizens and the European financial system. We will pay special attention to the respect of citizens’ data privacy, the impact on financial stability and the financing of the economy. In addition, a digital euro can only complement physical cash and existing cashless payment systems, not replacing it. Just like cash, it must be accessible to all in Europe so that the common currency’s role in building a joint identity can be maintained and strengthened.
  • We fully respect the mandate of the European System of Central Banks (ESCB) and fully trust the ECB’s capacity to lead this project. At the same time, the process of agreeing on the requirements to be met by a digital euro necessitates the close involvement of the Member States. Should a digital euro be launched, strong political endorsement by Governments will be essential in gathering the necessary support to the project. We look forward to working with the ECB on this important topic.