
Monetary sovereignty at risk
PARIS (Reuters) – FxPremiere.com /FX Signals – Europe’s sovereign control over its money is at risk if it does not push ahead with plans for a digital euro and a European payments system, France’s central bank head said on Wednesday.
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With the COVID-19 pandemic encouraging consumers to abandon cash and big tech firms moving into the market, Bank of France Governor Francois Villeroy de Galhau said time was running out to set up new infrastructure, with perhaps only a year or two left.
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With 90% of the world’s central banks now working on digital currencies, concerns have emerged that they could drain money away from existing high street bank accounts. Morgan Stanley (NYSE:MS) estimated this month that a digital euro could siphon away 8% of euro zone banks’ customer deposits.
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Monetary sovereignty at risk
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Monetary sovereignty at risk
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