Before the EU parliamentary elections in June, the passage of the digital euro legislation looked like a slam dunk. Stefan Berger, the Rapporteur for the central bank digital currency (CBDC) legislation, has stepped down from that role given he is now skeptical of the digital euro, according to Politico. The report implies that Mr Berger’s views reflect his nationality as a German MEP rather than the broader European People’s Party (EPP).
Given the EPP is the largest group in parliament, if it switches to oppose the digital euro, the legislation could be in trouble. However, that’s less likely. When we reviewed the results of the European elections, we concluded that the parties supportive of the digital euro legislation represented 68% of parliamentary votes. That included the EPP, accounting for 26%.
The latest EU parliamentary coalition agreement gives the EPP the ability to side with more right wing groups on some issues. The question is whether the digital euro will be one of them.
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