Financial TimesFinancial Times

The case for a digital euro

By Mairead McGuinness

28 Jun 2023 · 3 min read

Editor's Note

The European Commission is proposing a law that would allow the European Central Bank to issue a digital euro. In this op-ed in The FT, European Commissioner Mairead McGuinness explains why.

The writer is European Commissioner for financial services, financial stability and Capital Markets Union

During the Covid pandemic, I returned to Belgium from Ireland only to discover that I had left my wallet behind. After the usual panic, I realised that I wouldn’t have any trouble buying groceries or making other payments. I didn’t have cash and I didn’t have my credit or debit cards — but I did have the digital wallet on my smartphone.

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