GERMANY : Last week, German Member of Parliament Joana Cotar gave a speech in the Bundestag. Nobody needs the digital euro except for the European Central Bank (“ECB”) and politicians who have something else in mind, she said. And that something else is the total surveillance of citizens.
Much is promised with the digital Euro, Ms Cotar said in the Bundestag, “data protection, everything’s secure, no one intends to spy on anyone. This is as credible as the promises made during the euro introduction.”
Promises that were made at the introduction of the euro included no bailout, the 3% rule and prohibition of monetary state financing. “Now the ECB does nothing else and the Maastricht Treaty is waste paper,” she said.
“Today the ECB promises top data protection for the digital euro and tomorrow every transaction will be monitored,” Ms. Cotar said. It will be used to control citizens’ behaviour, just as it is being used in China.
Note: Beginning in the 1970s, European leaders had discussed creating a single currency. The plan became official with the 1992 Maastricht Treaty, which formed the European Union and paved the way for the creation of a single European currency. To participate in the currency, member states are meant to meet strict criteria, such as a budget deficit of less than 3% of their GDP and a debt ratio of less than 60% of GDP – both of which were ultimately widely flouted after introduction.
The new currency’s name was unveiled in 1995. On 31 December 1998, 11 countries “locked in” their exchange rates relative to each other and to the euro. At midnight, their currencies officially ceased to exist. Today, the euro is the official currency of 20 of the 27 member states of the European Union.
The eurozone’s greatest test came during the European sovereign debt crisis, which began in 2009, as many central banks dealing in euros were unable to pay their debts and were bailed out by other eurozone nations or EU institutions.
BY RHODA WILSON
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