EU lawmakers raised concerns about the digital euro project after a major failure in the ECB’s payment system, Target 2, which caused delays in transactions. Critics question the ECB's ability to manage the project, with some demanding improved systems before moving forward.
EU Lawmakers Raise Concerns Over Digital Euro After ECB Payment System Failure
The European Central Bank (ECB) faces renewed scrutiny over its digital euro initiative following a significant outage in its Target 2 (T2) payment system, which caused delays in transactions for thousands of households and traders. The breakdown, which occurred late last month, highlighted issues with the ECB's ability to manage critical infrastructure after an initial misdiagnosis delayed the resolution.
Several lawmakers, including Markus Ferber from the European People's Party, expressed concerns about the ECB’s credibility, questioning whether it could successfully manage the digital euro project. “How can the ECB run a digital euro when it struggles to keep daily operations running smoothly?” Ferber remarked.
Despite assurances that the digital euro would function similarly to the ECB's more reliable instant payment system, TIPS, lawmakers remain cautious. They stress that the ECB must restore public trust to avoid jeopardizing the project’s success. Some, like Rasmus Andresen of the Greens, emphasized the importance of improving the bank’s systems. The European Commission proposed digital euro legislation in 2023, but progress has stalled, with resistance from both lawmakers and bankers, who worry about the impact on traditional financial institutions.
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Mark Carney, former central banker, has been elected as Canada's next prime minister following a resounding victory in the Liberal Party leadership vote. At 59, Carney was born on March 16, 1965, in Fort Smith, Northwest Territories, and grew up in Edmonton, Alberta.
The Syrian Defense Ministry has declared the end of its operation against loyalists of ousted President Bashar al-Assad. Over 1,000 people, mostly civilians, were killed during the fighting. Public services are resuming, and an investigation into the violence is underway.
Tower Bridge was temporarily shut down on Monday morning after a man climbed the railings, causing disruptions to traffic and river services. The situation was resolved by 12:30 pm, with the individual safely brought down and the bridge set to reopen.
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BioNTech forecasts a revenue decline for 2025, expecting between 1.7 billion and 2.2 billion euros, down from 2.75 billion euros last year. This drop is due to Pfizer write-downs and stable vaccination rates. BioNTech also plans significant job cuts and new hires.
US stock futures dropped amid growing concerns over the impact of the Trump administration’s tariffs. Major stocks like Nvidia, Meta, Amazon, and Tesla saw losses. China’s retaliatory tariffs and rising recession fears added to market uncertainty. Bitcoin also fell 4%.
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Mark Carney, former central banker, has been elected as Canada's next prime minister following a resounding victory in the Liberal Party leadership vote. At 59, Carney was born on March 16, 1965, in Fort Smith, Northwest Territories, and grew up in Edmonton, Alberta.
The Syrian Defense Ministry has declared the end of its operation against loyalists of ousted President Bashar al-Assad. Over 1,000 people, mostly civilians, were killed during the fighting. Public services are resuming, and an investigation into the violence is underway.
Tower Bridge was temporarily shut down on Monday morning after a man climbed the railings, causing disruptions to traffic and river services. The situation was resolved by 12:30 pm, with the individual safely brought down and the bridge set to reopen.
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