EU leaders want to strengthen the euro together. This is necessary in times of geopolitical tensions, economic crises and climate change. They also called for the expansion of joint economic policy measures.
“New challenges await us that the countries cannot overcome alone,” wrote, among others, EU Commission President Ursula von der Leyen and the President of the European Central Bank (ECB), Christine Lagarde, in one Guest post, which was published on the ECB website and simultaneously in newspapers in all euro countries. The authors also include EU Council President Charles Michel, EU Parliament President Roberta Metsola and the President of the Eurogroup, Pascal Donohoe.
The solutions must be based on everything that is possible through cooperation in Europe.
At the turn of the year the euro celebrates its 25th anniversary. For 11 of the then 15 member states of the European Union (EU), the euro became legal tender on January 1, 1999 – initially electronically, then as cash from 2002.
Making currency fit for the digital age
“The solutions must be based on everything that is possible through cooperation in Europe,” wrote the EU leaders: on the development of a capital markets union, on the use of European instruments and measures to increase competitiveness and increase security. “And that we make our common currency fit for the digital age.” To do this, the foundations for a digital euro would have to be created that could complement cash.
Preparations for a digital version of the common currency have been underway for years. After working on technology and data protection, the ECB started a two-year preparatory phase on November 1, 2023, during which the rules for the digital euro are to be finalized.
Concern about competitiveness
The EU leaders further emphasized that CO₂ emissions know no national borders and that European competitiveness is facing unprecedented challenges due to energy and industrial policy measures in other parts of the world. Russia’s war against Ukraine has also made issues such as defense and the green and digital transition urgent matters of common interest.
“The argument for Europe has always been that together we can solve problems that the countries could not solve alone,” it said.