WAM
18 Sep 2025, 14:50 GMT+10
BRUSSELS, 18th September, 2025 (WAM) -- The European Central Bank (ECB) has proposed handing EU capitals more power over the design of a digital version of the euro, opening a path to a deal on the controversial project after a year of deadlock.
The concession, yet to be signed off, would allow member countries to have the final say on the maximum amount of digital euros consumers can hold in their digital wallets at any one time, answering a key concern of some countries as well as the banking sector.
Finance ministers will discuss the proposal this week at a meeting in Copenhagen, where they could informally accept it.
The Frankfurt-based ECB wants to get its plan for a purely digital version of the euro signed off as soon as possible, fearing a major delay will mean it loses ground to US-based private sector payment systems, particularly dollar-denominated "stablecoin" cryptocurrencies.
The new proposal offers a compromise, stating that the ECB will begin consultations with governments two years ahead of the digital euro's issuance, and will propose an overall limit one year prior to its launch. This will need the support of a reinforced qualified majority among eurozone governments, the strongest possible majority used in EU voting procedures.
The same reinforced majority will be necessary to make any subsequent changes to the ceiling proposed by the ECB. That means giving governments more weight in the decision process.
Get a daily dose of Switzerland Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Switzerland Times.
More InformationZURICH, Switzerland: Swatch is preparing to make U.S. consumers pay more for its watches, as the Swiss group responds to steep tariffs...
VEVEY, Switzerland: Pressure on Nestlé's board intensified as some investors urged Chairman Paul Bulcke to resign after the company...
DUBLIN, Ireland: Prime Minister Micheál Martin has said infrastructure will take center stage in the upcoming Budget as the government...
BRUSSELS, 18th September, 2025 (WAM) -- The European Central Bank (ECB) has proposed handing EU capitals more power over the design...
QINGDAO, Sept. 18 (Xinhua) -- Summer in the coastal city of Qingdao in east China's Shandong Province is often warm and sultry, with...
Romania is facing mounting economic pressures as inflation continues its rapid ascent, raising fears of an impending recession. July...
WASHINGTON, D.C.: U.S. President Donald Trump announced this week that he is filing a US$15 billion defamation and libel lawsuit against...
In the predawn silence of September 9, 2025, the skies over Doha briefly lit up—not with the brilliance of sunrise, but with the unmistakable...
PESHAWAR, Pakistan: Pakistani security forces have carried out three major raids against Pakistani Taliban hideouts near the Afghan...
LONDON, U.K.: The United States and Britain are preparing to unveil a package of tech and energy deals during U.S. President Donald...
NEW YORK CITY, New York: After the fatal shooting of conservative activist Charlie Kirk, the fallout has stretched far beyond politics...
GAZA CITY - Massive air strikes erupted over Gaza City on Monday night as Israel's full scale invasion of the city gained momentum....
