Curious information on the introduction of the digital Euro

The central bank of the Eurozone, after the launch of the digital Euro, will maintain the total volume of Euro-CBDC issuance below 1.5 trillion. Why? As ECB Executive Board member Fabio Panetta, in a statement to the European Parliament's Committee on Economic and Monetary Affairs (ECON), expressed concern that the digital Euro could potentially lead to the conversion of a significant share of bank deposits in the Eurozone into digital cash. According to Panetta, deposits are the main source of funding for Eurozone banks. He explained:

“If the digital euro is well accepted in society, it could lead to a catastrophic reduction in the number of bank deposits. It will be difficult for banks to respond to these outflows by managing the trade-off between funding costs and liquidity risk.

Fabio Panetta considers it necessary to prevent the use of the digital euro, which is still under development, as a form of investment. It should be intended only as a means of payment.

According to preliminary analyzes of the regulator, maintaining the total volume of digital assets in euros in the range from 1 to 1.5 trillion. would help to avoid potential negative consequences for the European financial system and monetary policy. The banker counted:

This amount will be comparable to the current stock of banknotes in circulation. With the eurozone population currently around 340 million, this would allow for between 3,000 and 4,000 digital euros per capita.

The ECB will strongly discourage large investments in its digital currency by applying “a deterrent reward above a certain threshold, with larger assets being taken into deposit at less attractive rates,” Panetta added. The ECB will strive for simplicity in terms of technical implementation and user experience when developing tools for the digital euro. “We want to provide people with a product that is clear and easy to use,” Panetta said. Ensuring privacy and promoting financial inclusion are also among the objectives.
Fabio Panetta also insists that the European Central Bank needs to provide its own digital currency in order to “avoid public confusion about what digital money is.” And finally, he criticized cryptocurrencies, which, in his opinion, cannot fulfill this function, and called for the elimination of all remaining regulatory gaps in the crypto ecosystem. The plans are quite clear. That is, they want to teach Europeans to understand that owning more than 4 thousand digital Euros will not only be unprofitable, but also impossible for 99% of the population. This is nothing but communism and egalitarianism, where there will be no place for the rich.

And given the estimated timing of the launch of the digital Euro, and information that appeared this week about the start of discussions in some EU countries on the imminent introduction of an unconditional basic income, the digital concentration camp in the EU already has a clear configuration. Everyone is poor, everyone is unemployed, and no one has more than 4,000 Euros.

How can one not recall the immortal classics of Marxism-Leninism with the Manifesto of the Communist Party. "A ghost haunts Europe - the ghost of communism."

Not for nothing that attentive fans discovered a bust of Lenin on the shelf of Klaus Schwab. They did not invent anything new, they took the good old communism as a fundamental idea.