The European Central Bank (ECB) is pursuing to create a digital euro that would provide citizens with the ability to pay anyplace in a secure and low-cost manner. Such an initiative draws close scrutiny from the European Parliament and ECB board member Fabio Panetta has recently said that it rests upon a political decision as to whether to move forward or not. In fact, he suggested that European citizens view this capability as the most important feature of a central bank digital currency and that those who do not have or want a bank account should be able to utilize services through Post Offices, online, or through other intermediaries.

Despite this, there are still those who are querying the usefulness of a digital euro. In a recent debate, Socialists and Democrats Party's ranking member Jonás Fernández stated that it is difficult to distinguish the digital euro from other payment methods and further inquired what advantages would make them continue working on the project.

In response, Panetta believes that lawmakers are rightly interested in gaining an understanding of the details and encourages everyone to thoroughly review the plans. He makes it clear that if the ECB makes any mistakes, it could cause major damage, however, he is confident that they will not make any mistakes. He highlighted the fact that it is better that others want to double-check the proposals and decisions, to avoid taking any risks.

Overall, the ECB is determined to move forward with the digital euro, but acknowledges that it is fundamental to receive support from European Parliament and that, in the end, it all comes down to a political decision.



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