Digital Finance Strategy for the EU - Related Opinions

The EESC supports the digital euro project, while underlining the importance of a clear European legal framework able to establish the exceptional possibility of temporary exemptions for certain payees, and to harmonise practices and standards that vary from one Member State to another. It is essential to ensure that the digital euro does not negatively impact financial stability or the lending potential of credit institutions. The EESC encourages a broad public debate on the reasons for possible issuance of a digital euro, its merits and drawbacks, in order to make informed decisions and ensure public understanding of the project.

Crypto-assets are a digital representation of value or rights which may be transferred and stored electronically, using distributed ledger technology or similar technology (e.g. blockhain). They are neither issued nor guaranteed by a central bank or public authority, and can be used as a means of exchange and/or for investment purposes and/or to access a good or service. A wide range of crypto-assets exist, encompassing different features and functions, hence presenting different challenges and risks.

This opinion is part of a wider package of four EESC opinions on the future of the European economy (Deepening of the Economic and Monetary Union and Euro area economic policy, Capital Markets Union and The future of EU finances). The package of opinions underscores the need for a common sense of purpose in the Union governance, which goes far beyond technical approaches and measures, and is first and foremost a matter of political will and a common perspective. The EESC is strongly in favour of the Capital Markets Union (CMU) and finds it absolutely necessary that the CMU becomes a reality in all EU Member States and calls for the political will at European level and in the Member States to make all necessary efforts and to establish all of the relevant conditions required.