On March 10, 2025, European Stability Mechanism (ESM) Managing Director Pierre Gramegna expressed concerns about the impact of U.S. President Donald Trump’s cryptocurrency policies.
On March 10, 2025, European Stability Mechanism (ESM) Managing Director Pierre Gramegna expressed concerns about the impact of U.S. President Donald Trump’s cryptocurrency policies on Europe’s financial stability. Gramegna warned that the U.S. administration’s support for cryptocurrencies, particularly dollar-backed stablecoins, could pose risks to Europe’s monetary autonomy. He stated that tech giants, both American and foreign, might use these stablecoins to launch mass payment systems, which could disrupt the financial stability of the Eurozone.
Gramegna’s comments came after a Eurogroup press conference where he had emphasized the urgent need for the European Central Bank (ECB) to accelerate the development of the digital euro. He reiterated that the digital euro was vital to safeguard Europe’s strategic autonomy in a world increasingly influenced by digital currencies. The ECB is set to unveil more concrete plans for the digital euro in the second quarter of 2025, and Gramegna stressed that the initiative is more necessary than ever.
In contrast, the U.S. government under President Trump has been pushing for the widespread adoption of digital assets. Trump has signed several pro-crypto executive orders, including one that supports the global growth of dollar-denominated stablecoins. Additionally, Trump’s recent move to establish a Strategic Bitcoin Reserve and a digital asset stockpile has intensified debates about the role of cryptocurrencies in the global economy. Trump also aims to introduce stablecoin legislation by August 2025.
The European Central Bank has made its stance on cryptocurrencies like Bitcoin clear, with President Christine Lagarde rejecting the idea of including crypto assets in Europe’s central bank reserves. Lagarde stated that central bank reserves must remain "liquid, secure, and safe," effectively ruling out Bitcoin and other cryptocurrencies from being part of Europe’s financial assets. This stance reinforces Europe’s caution in fully embracing digital currencies, especially those backed by the U.S. dollar.
In addition to Gramegna’s comments, Irish Finance Minister Paschal Donohoe also underscored the importance of Europe staying ahead in the digital currency race. He highlighted that developments in the U.S. could affect Europe’s autonomy and the stability of its currency. The ECB has been expanding its work on a digital euro and is focused on launching a Central Bank Digital Currency (CBDC) to help maintain Europe’s financial stability in the face of growing global competition from digital assets.
With the rapid growth of the cryptocurrency sector, Europe is actively working to strengthen its financial systems and safeguard its monetary independence from the influence of U.S.-backed digital assets.
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