Skopje, 28 March 2023
"The increasing international role of the euro, including its great contribution to greater trade and financial integration, is felt in the euro area and the European Union, as well as beyond the borders of the EU," writes the Vice Governor Fadil Bajrami in his review of the significance of the European single currency published in the "Diplomatic Chronicle" magazine.
In the text, the Vice Governor gives a broad overview, starting from the "birth" of the euro until the expectations for its future. He also refers to the digital euro project, which is strategically important for the euro area and has the potential to strengthen financial and monetary sovereignty and improve the functioning of the euro area. Bajrami emphasizes that it will become an attractive mean of payment that will underpin innovations in the digital economy, complement cash, but will not replace it.
"The EU keeps working on strengthening the international role of the euro and on its adaptation to new challenges, including the rapid digitization of the economy and the development of virtual currencies. So, in July 2021, the Governing Council of the ECB confirmed the start of the two-year research phase of the digital euro project, which aims to examine the possibilities of issuing a digital euro and answer the key questions: what the digital euro would look like; what would it be used for; and when it would be available. Based on the findings of the research, it is expected that in 2023 a decision will be made whether the project will move into the implementation phase. If a successful conclusion is reached and the implementation is approved, it will be decided to issue a digital euro that would be available to users by the end of 2025, or the beginning of 2026," writes Bajrami.
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