EU News: Brussels in panic mode as three major projects line up to save eurozone | World | News

The bloc will order three projects to consolidate the euro zone over the next twenty years. The three projects will be a banking union, a central bank digital currency and a reform of fiscal rules within the bloc. Twenty years after its birth, the single currency must be further strengthened.

One of the projects will be a reform of the bloc’s budgetary rules.

Brussels argues that the euro zone cannot function without explicit fiscal rules and some fiscal discipline.

Another project will be the establishment of a true banking and capital market union.

A third project will be the launch of a central bank digital currency, the digital euro.

There is a lingering fear within the EU that the countries of the North fear having to pay the debt of the countries of the South.

Last summer, the European Central Bank (ECB) launched a two-year experiment to determine the shape and function of the digital euro currency.

The delivery of the digital euro currency could take place within the next five years.

The digital euro will be issued directly by the ECB and will be held in an ECB account which will be distributed by private banks.

The technical and political architecture to deploy the new digital currency must be built.

The bloc must make European citizens confident in the use of the new digital currency and feel secure in transactions.

Concerns have been raised about privacy issues where consumer data can be accessed at an unprecedented level by authorities.

Additional reporting by Maria Ortega.

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