Default avatar
npub1n2m8...gflr 3 weeks ago
I'm surprised no one has noticed this... but the ECB is openly touting that the newest use case for the digital euro is sanctions evasion. In an interview with the FT, Lagarde openly said the digital euro could be used to evade US sanctions. Considering central bankers often label bitcoin and other cryptocurrencies as tools for criminals to evade sanctions, this is rich. In fact, Lagarde almost sounds like a bitcoiner when she talks about the need for _individuals_ to reclaim their financial sovereignty. So forget financial inclusion, monetary policy, or any of the other popular items officials have proclaimed about CBDCs. The digital euro is about sanctions evasion. https://www.cato.org/blog/digital-euro-sanctions-evasion

Replies (6)

DireMunchkin's avatar
DireMunchkin 3 weeks ago
> In fact, Lagarde almost sounds like a bitcoiner when she talks about the need for _individuals_ to reclaim their financial sovereignty. I assume you meant to write _states_ here? I don't think Madame Lagarde has much regards for individual financial sovereignty.
1 replies ↓
DireMunchkin's avatar
DireMunchkin 2 weeks ago
I wondered if you meant to write something like "Lagarde almost sounds like a Bitcoiner when she talks about the need for **nation-states** to reclaim their financial sovereignty". This would make sense to me because I know the ECB has frequently sold the digital euro as a way to make financial infrastructure independent of US companies. If you really meant to put "individuals" in that sentence I don't follow your reasoning as I don't think Lagarde has ever expressed much interest in individual financial sovereignty. For European nations certainly, but individual Europeans not so much.
1 replies ↓
Default avatar
npub1n2m8...gflr 2 weeks ago
Ohhhhh, I see now. Thank you. So both are true. EU sovereignty has been the driving push for the last year. However, in a new interview, Lagarde made a new argument for individual sovereignty in reaction to US sanctions. Now, do I actually believe she cares about individual sovereignty for people like us? No. But that is the argument she made. I’m with family right now but you raised a really important point: even though she says that, there’s still no individual sovereignty since the EU can target you with the digital euro. I’ll post a follow up soon
1 replies ↓
Default avatar
npub1n2m8...gflr 2 weeks ago
An important point to add here: Lagarde argues that the digital euro can be used to evade US sanctions. She describes the importance of individual sovereignty in this example, but the digital euro would _not_ provide individual sovereignty. It's probably obvious to most folks on Nostr, but digital euro users would still be subject to EU control. So, sure. You might evade US sanctions, but you're not going to escape EU sanctions. Big ups to @DireMunchkin for flagging this in the comments. View quoted note →
1 replies ↓
↑