Christine Lagarde, President of the European Central Bank (“ECB”), is expecting European legislation for the digital euro. According to her, the European Commission will propose legislation for establishing a digital euro in the near future.
“We are in the preparation phase and we are expecting European legislation,” she said in her New Year’s message.
On the first day of the new year, Lagarde posted a video message announcing that the development of the European Union’s central bank digital currency (“CBDC”) – the digital euro – was in phase 2 and the ECB is “expecting legislation.”
“Another significant development on the horizon is our digital euro. We are in the preparation phase and we are expecting European legislation,” she said. “Once that is done, we will decide whether we move forward with developing a digital form of cash.”
Lagarde wished those who watched her video a “very, very great start to 2025.” Well, the ECB’s aspirations, as she described them, begin the year on a very, very bad note and in wishing Europeans well she is speaking with a forked tongue. Take for example the two blatant lies Lagarde told in her message.
Firstly, they would not be legislating for a digital euro if they were not intending to “move forward” with the agenda. So, it’s not a case of deciding “whether” to move forward but rather the decision has already been made.
Secondly, CBDCs are not a “digital form of cash.” They are tokens which can be programmed to be used only for certain items or services and to expire – much like a gift voucher system which retailers use. Vouchers are for a specific amount to be used on specific items or in specific retailers and expire within a specified time; the retailer’s rules and conditions apply. It is because of the programmable and centralised nature of CBDCs that they will be used to control who can buy or sell what, when and where; the central bank’s rules and conditions will apply.
Here are some other reasons why you should not trust Christine Lagarde and, by extension, the ECB that has chosen to employ her.
Contrary to the claims of Facebook’s “fact-checker,” Lagarde’s negative sentiments towards the elderly were confirmed in a 2018 memo from “the Coalition.”
The leaked memo, discovered in the waste basket of a high-ranking staffer in the European Commission, was sent to heads of state and finance ministers, urging them to address the issue of longevity as a risk to the global economy. Heads of state that the memo was addressed to were “Angela, Teresa, Emmanuel …” presumably referring to Germany’s Angela Merkel, UK’s Theresa Mayand France’s Emmanuel Macron.
The memo, as published by Monthly Review, stated:
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