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The ECSC calls for the creation of a “balanced” regulatory framework to promote the digital euro

Date: June 19, 2024 Time: 00:10:27

The Spanish Confederation of Savings Banks (CECA) has established Moncloa to include among its priorities for the Spanish presidency of the Council of the EU the creation of a regulatory framework that is as “balanced” as possible for the development of the digital euro. During the presentation of a document with his proposals for this period, which begins on July 1, the director of regulation and studies of the bank employers’ association, Luis Teijeiro, stressed that the initiative is going through a key moment, since the Council of The ECB government will “examine” whether it goes ahead with the implementation of this digital currency.

Currently, the digital euro is in the research phase until the end of 2023, while the European Commission draws up a proposal to promote the legislative framework. “It is considered of great importance to delimit and define in detail the requirements of the legal framework that the European Commission plans to develop for the issuance of a digital euro”, they have specified from the banking association, in order to avoid a negative impact on financial stability and the transmission of monetary policy.

During his speech, Teijeiro also reiterated the importance of taking advantage of this stage to accelerate the Banking Union process, and within this the promotion of a common deposit guarantee fund, a step that is considered “fundamental”. Likewise, he has valued the collaboration between the Government and the banking entities for the distribution of the funds derived from the Next Generation program. Specifically, Teijeira urges optimizing the ‘expertise’ of the sector and the branch network so that the distribution of loans arrives as “quickly” as possible in an alliance between public-private collaboration.

In parallel, it has also addressed other priorities for the CECA, such as strengthening the role of credit institutions in the sustainable transition, while at the same time missing the need to have centralized and homogeneous data in Europe to know how to differentiate which project is are green and which are not. In this regard, the Secretary of State for the Economy, Gonzalo García de Andrés, who opened the meeting, emphasized the need to accelerate the energy transition and digital transformation with wide-ranging projects during the Spanish presidency.

García de Andrés has pointed out that the war in Ukraine has had implications in Europe, in view of which the Old Continent must have a more assertive role and look at Latin America. a region that “has a lot to offer”. Regarding the aforementioned Banking Union, which will be one of the priorities on Moncloa’s agenda when Sweden hands over the presidency baton to it, Nadia Calviño’s number two has admitted that progress will be made in integration, although he admits that it will not be a ” perfect system”.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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