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open_in_fullOn the 9th November, EIF organised a debate hosted by MEP Ondřej Kovařík on Digital currencies with a focus on the digital euro and cryptocurrencies. The MEP was joined by the following guest speakers:
Ignacio Terol, Digital Euro Product Manager, European Central Bank
Jan Ceyssens, Head of Unit 'Digital Finance', DG FISMA, European Commission
Juan Jimenez, CEO, Alastria Blockchain Ecosystem; Public Policy Director, Santander Group
Cesare Fracassi, Director of Economic Research and Chief Economist, Coinbase
MEP Ondřej Kovařík set the scene declaring that the presence of digital currencies and digital assets in the global and European economy has been increasing. Most of these assets are issued and traded by private entities. Considering the proposal of a digital euro launched by the European Central Bank, MEP Kovařík focused on how public digital assets and digital currency can be adopted at European level and which benefits they can bring. The introduction of Central Bank Digital Currency (CBDC) would foster innovation and, for instance, enhance payment schemes based on this infrastructure as much as encourage European companies to introduce these payment schemes. According to him, the amount of cash circulating among European citizens is low and it would be close to zero at some point. He concluded his speech by affirming that the critical part of this process is to decide how the infrastructure will be designed and what the acceptance of European citizens and business will be.
Ignacio Terol highlighted that the European Central Bank has engaged with the European institutions and finance ministers as well as with market participants, including intermediaries, consumers and retailers. He declared that a digital euro should be issued because, from a historical perspective, “whether money took the form of various metals or paper money, public money has always adapted in its forms to people's preferences as to what was the prevailing means of exchange”. The model for payments has been hybrid for the last decades. Central banks have issued public money, essentially cash for individuals and have reserved accounts for banks. According to him, central banks should issue digital money for a number of reasons. People are increasingly paying digitally. It is fundamental to limit the reliance on foreign payment technologies: nowadays, two thirds of European card payment transactions are run by companies with headquarters outside the European Union. Last but not least, issuing a digital euro would safeguard people's confidence about the value of money, allowing them to convert private money into digital central bank money at par.
The European Commission representative, Jan Ceyssens, affirmed that the European Commission is preparing a legislative proposal which would enable the issuance of the digital euro. He listed the key points to consider in this process from a regulatory perspective. First, public money should remain relevant in the digital age, guaranteeing financial inclusion and considering that some parts of population cannot access digital means of payment. Second, the hybrid model – mentioned earlier by Mr Terol – has a strong role for private money. Private money is often the driver for innovation. Third, a huge part of payments and the financial management of citizens’ money is carried out by the private banking sector. Fourth, digital euro should also guarantee privacy while avoiding money laundering. In conclusion, he acknowledged that the digital euro is an ongoing process that would support the competitiveness of European economy and financial system.
Juan Jimenez declared that the digital euro is an opportunity to showcase how banks can collaborate in this process that adds value to all stakeholders in the European economy and society. He stressed the importance of the digital euro for four main reasons. To begin with, it should provide a real value to citizens – and banks could play a key role in bringing it closer to citizens, for instance, through the existing bank apps. Then, it is fundamental to guarantee privacy and cyber security, while ensuring AML (Anti Money Laundering) and other controls that must remain in place. In addition, the digital euro must be a real alternative to private stablecoins and other CBDCs and provide advanced capabilities for the private private sector to drive payments innovation, and to ensure that the digital euro is competitive future proof and drives payments innovation. Furthemore, an uncontrolled expansion of the of CBDCs as a form of savings or investments should be avoided, as it would challenge financial stability as well as banks capacity to finance the economy. He concluded by claiming that players and stakeholders are also looking at the digital euro as the opportunity to bring the promised efficiencies of using blockchain.
Cesare Fracassi pointed out that, in most of the countries analysed, card-based methods of payments in store are widely used, while cash-based methods are around 20-30%. He wondered what the objective of the digital euro is: it is hard to believe that it would replace cash or debit cards. Europe, unlike the US, has a good instant payment system. He then dived into the advantage of CBDCs over TIPS (Target Instant Payment Settlement). TIPS might be a possible technical solution for the digital euro. He also compared the tradeoffs among different forms of money: from physical currency to bank deposits, CBDCs and stablecoins. According to the table he showed, stablecoins – if well-regulated – would technically dominate CBDCs across a very large type of features. He even raised the question whether stablecoins can compete with CBDCs. MiCa regulation is quite restrictive in how people are going to use stablecoins in the future. In conclusion, apart from the benefits of CBDCs, he stressed that ‘it is also important to allow the flourishing of a very healthy euro denominated stablecoin’.
It’s September, and as we are gearing up for a rich programme of events this fall at the European Parliament, it is a perfect moment to take stock of the last 20 months, since we resumed our in-person programme.
Check out this 1-minute video, recapping the January 2022-July 2023 period of #EIFdebates
It’s September, and as we are gearing up for a rich programme of events this fall at the European Parliament, it is a perfect moment to take stock of the last 20 months, since we resumed our in-person programme.
Check out this 1-minute video, recapping the January 2022-July 2023 period of #EIFdebates
Between 15-18 May 2023, EIF organised a special programme for MEPs to discover the thriving innovation ecosystem in Israel, the 'Startup Nation'.
The EIF members who took part in this MEP visit were:
- Mr. Victor Negrescu MEP, S&D, Romania (MEP lead)
- Ms. Beatrice Covassi MEP (S&D, Italy)
- Ms. Josianne Cutajar MEP (S&D, Malta)
- Mr. Ivan Štefanec MEP (EPP, Slovakia)
- Ms. Róża Thun MEP (Renew Europe, Poland)
Each year, we invite Members of the European Parliament to an #MWC deep-dive here in Barcelona. Together with the GSMA, we offer MEPs the chance to get a hands-on experience of cutting-edge technology devices, to learn about the latest trends and innovations in mobile technology and to engage with experts on the field.
We meet with representatives of key players in the sphere of technology to exchange views on how innovation and connectivity can change our lives. This year our tour was packed with many interesting demos, from AI-powered networks solutions, sustainability, 6G to Metaverse, Holograms etc.
MWC Barcelona is the largest and most influential event for the connectivity ecosystem and we look forward to be back again next year.
A new #EIFasksMEPs episode is out! Dragos Tudorache MEP answered all our questions on the AI Act and the Transatlantic cooperation on Artificial Intelligence.
#EIFasksMEPs aims to be an opportunity for our Political members to share views on a topic of choice, in the format of a professionally filmed interview.
Learn more at www.internetforum.eu
On 20 July, EIF asked MEPs the main takeaways from the Transatlantic Week 2022, organised by TPN with the support of EIF. The theme was "Facing the Challenges Ahead Together: towards the Transatlantic Partnership 2030".
On 19 July, EIF asked Brando Benifei MEP the key takeaways from the Transatlantic Week 2022.
On 19 July, EIF asked Paul Tang MEP the key takeaways from the Transatlantic Week
On 19 July, EIF asked Tsvetelina Penkova MEP the key takeaways from the Transatlantic Week 2022.
On 19 July, EIF asked Miapetra Kumpula-Natri MEP the key takeaways from the Transatlantic Week 2022.
On 19 July, EIF asked Victor Negrescu MEP the key takeaways from the Transatlantic Week 2022.
On 19 July, EIF asked Pilar del Castillo MEP and EIF Chair the key takeaways from the Transatlantic Week 2022.
A new #EIFasksMEPs episode is out! Pilar del Castillo MEP did a great job answering all our questions on the "Challenges of the Data Economy". An MEP with the EPP group from Spain, member of the Committee on Industry, Research and Energy (ITRE) and substitute of the Committee on the Internal Market and Consumer Protection (IMCO), Pilar del Castillo has recently been appointed as Rapporteur for the ITRE Committee on the Data Act.
#EIFasksMEPs aims to be an opportunity for our Political members to share views on a topic of choice, in the format of a professionally filmed interview.
The first episode of our new #EIFasksMEPs project features Ivan Stefanec, MEP with the EPP Group and EIF Programming Committee Co-Chair, with whom we discussed "SMEs and digital transformation".
As a member of the IMCO Committee in the European Parliament, MEP Stefanec's work focuses on SMEs, employment, entrepreneurship and the Digital Single Market. #EIFasksMEPs aims to be an opportunity for our Political members to share views on a topic of choice, in the format of a professionally filmed interview.
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On January 29th, EIF invited MEPs, Members and friends for an exchange of views on the future of the EU Digital Single Market.
In this highlights video, EU Commissioner Mariya Gabriel and Ambassador Luminita Odobescu, Permanent Representative of Romania to the EU share their views on the EU Digital Single Market.
What are the key challenges and opportunities that digital transformation brings to EU taxation?
On 12 November 2019, Ivan Stefanec MEP invited EIF members for a discussion on this timely topic. The debate featured the following speakers:
In 2019 EIF invited members to exchange views on the regulatory obstacles Banks and FinTechs are facing in the Digital Era as well as how to ensure that competition, data privacy and security will empower the consumer and SMEs while allowing the sector to lead in innovation.
The debate, titled "The digital transformation of financial services", was chaired by MEP Pilar del Castillo and featured the following speakers:
On 24 April 2018, MEP Pilar del Castillo and EIF invited MEPs, EIF Members and friends, to exchange views on the impact of Internet of Things on European industries. In this EIFAsks video, MEP Pilar del Castillo, the European Commission Director for the Future Networks Directorate Pearse O'Donohue, Justin Hobbs, from Zebra Technologies and Thomas Walloschke from the Alliance for the Internet of Things Innovation discussed successes and challenges the Union faces in bringing digitalization to Europe’s traditional manufacturing industries.
On 21 March 2018, MEP Michal Boni and EIF invited MEPs, EIF Members and friends, to discuss how to ensure that digital is prioritised in the next Multiannual Financial Framework, from artificial intelligence to cyber-security and from copyright to ensuring high speed internet access. In this EIFAsks video EU Commissioner for Budget, Günther Oettinger, MEPs Jan Olbrycht (MFF co-rapporteur) and Michal Boni, and Kalin Tomov from the Bulgarian Permanent Representation, give their views on how to support Europe's digitisation through the next MFF.
On 30 January 2018, EIF & MEPs Pilar del Castillo and Michal Boni hosted an exchange of views with European Commissioner for Research, Science and Innovation, Carlos Moedas, on the impact of digital transformation in the fields of research and innovation. Digital technologies have developed tremendously in recent years. In this short interview, Commissioner Moedas gives us an overview of the progress made towards the implementation of the Digitasing European Industry initiative.
On 23 January 2018, EIF & MEPs Catherine Stihler and Brando Benifei invited members & friends to debate on Copyright in the EU Digital Single Market. The reform of EU copyright rules has been a long running and hotly debated topic within the European institutions. In this EIFAks MEP Brando Benifei and stakeholders from the publishing industry, the academia and the libraries put forward their views on how the EU could make a balanced copyright framework for the Digital Single Market.
On 24 January 2018, EIF & MEPs Pilar del Castillo and Michal Boni invited members & friends to debate on the future of work. Technological innovation is increasingly changing the nature of how we can access, organise and carry out work in many ways and forms. In this EIFAsks, MEP Michal Boni, the President of Lisbon Council -a leading think tank-, the founder of FacilityLive, and representaitives from the European Commission and UBER confer about the the work revolution and how it will affect our economy and socities.
On 21 November, EIF & MEPs Pilar del Castillo and Eva Kaili hosted a debate to discuss the impact of Brexit on data flows. Disruptions could not only affect business activities whether in goods and services, but also R&D, the academic world, government lead projects and many public services. In this #EIFAsks video, MEPs Pilar del Castillo and Daniel Dalton, representatives from Vodafone and BTGroup – which heavily rely on uninterrupted data flows – and Giles Derrington from Tech UK – which represents the interests of UK tech companies, assess Britain’s options to avoid disruption on data flows in a post-Brexit scenario.
On 18 October 2017, EIF & MEP Eva Kaili hosted a debate to explore blockchain technology, its range of applications, the way it transforms value chains in every aspect of our life and reliable ways to build and preserve trust and security for its users. In this #EIFAsks video, MEP Eva Kaili, the renowned blockchain expert Dr Julian Hosp, Peteris Zilgavis from the European Commission, and representatives from companies developing blockchain applications and solutions such as IBM or Pro-civis, comment on the different approaches to regulating this disruptive technology.
On 27th September, EIF & MEP Lambert Van Nistelrooij hosted a debate on innovation, mobile commerce and the future of retail in the European Parliament, Brussels. The debate discussed trends in e-commerce and multi-channel retailing; the future of payments; and challenges for policymakers. In this #EIFAsks video, MEP Lambert Van Nistelrooij, Margriet Keijzer from the Dutch Retail Association, Peteris Zilgalvis from DG CONNECT at the European Commission and Matthew Mayo from MasterCard comment on how Europe can foster e-commerce solutions.
On 28 March 2017, EIF and Eva Kaili MEP hosted a debate to discuss how the Fintech revolution is transforming digital economics and the economy. In this #EIFAsks video, MEPs Eva Kaili, Catalin-Sorin Ivan and Neena Gill, European Commission Director General Roberto Viola DG CONNECT and representatives of the financial and technological industries share their views on wether Europe is leading or lagging in the development of Fintech technologies and rollout.
On 8 February 2017, EIF and Pilar del Castillo MEP hosted a debate to discuss the best approach to enable data flows within EU to future-proof the EU Digital Single Market. In this #EIFAsks video, representatives of the European Commission, two Member States and the start-up community share their views on the new Commission communication and what needs to be done to enable data economy in Europe.
On 7 February 2017, EIF and Victor Negrescu MEP invited representatives from various content creation and distribution industries to gather their views on the copyright reform. Last September, the European Commission published its highly anticipated proposal to reform the EU copyright rules: the proposal for a directive on copyright in the Digital Single Market. In this #EIFAsks video speakers present their business priories and needs for the new set of the copyright rules.
On 29 June 2016, EIF and Kaja Kallas MEP invited a panel of small and big business representatives as well as a tax authority from Estonia to share their views on how to find an easy way for companies to pay taxes for their activities in Europe.Companies often feel discouraged from doing business across the EU as dealing with 28 different tax systems (in different languages) requires a lot of time and resources. With a rapid growth of the digital economy this issue has to be discussed at European level.
On 16 June 2016, EIF & Lambert van Nistelrooij MEP invited a panel of entrepreneurs to talk about what it is like to scale up in Europe. Startups have been blossoming across Europe for a while now. Some of them have become success stories, some can call themselves a “unicorn”, many of them are not European any longer because were obliged to move outside Europe and/ or give up ownership to find the money to scale up. The lagging European economy cannot be revived solely on the basis of a thriving ecosystem for startups. The EU needs to offer an environment nursing scale-ups and just replicating Silicon Valley is not an option. Before the debate kicked-off EIF asked them what steps can be taken to improve the policy climate for the scalability of European start-ups?
On 16 February EIF & Sabine Verheyen MEP invited a diverse panel of speakers to share their thoughts on the Content Portability in the EU. Academics, industry representatives and consumer rights watchdog discussed European Commission's recent cross-border portability regulation proposal. To better understand what's at stake and how various groups will be affected, we asked the prominent speakers to share their views on consumers right to content portability in the EU.
EIF kicked off 2016 with a debate on the Digital Service Platforms in the European Parliament (26/01/2016). A crowded room once again proved that this topic is a priority for many EU stakeholders. What attitude toward digital platforms European legislators should take today - we asked the chairing MEP Michal Boni and the speakers of event to share their views in this video.
On 25 September 2018, MEP Pilar del Castillo and EIF invited MEPs, EIF Members and friends to exchange views on how the EU can help bridge the gender gap in technology.
In this short highlight video, MEP Pilar del Castillo, Elizabeth Crossick of RELX Group, Lora Borissova from EU Commissioner Gabriel's cabinet, Caroline Chavier of Voodoo.io, Egle Nemeikstyte of Blockchain Centre Vilnius and Melissa Rancourt from Greenlight for Girls share their views on what could be done in the future to help more women have the opportunity to succeed.
On 26 September 2018, MEP Ivan Stefanec and EIF invited MEPs, EIF Members and friends to exchange views on the current opportunities and challenges that EU SMEs are facing.
In this short highlight video, MEP Ivan Stefanec, David Goodridge of Mastercard, Horst Heitz of SME Europe, Lenard Koschwitz from Allied for Startups and Dr. Max Lemke from the European Commission share their views on how SMEs are adapting to digitalisation, how startups and SMEs can work together and how policymakers can support SMEs in becoming more digital.
On 29 November 2018, EIF had the pleasure to meet Casper Klynge, the world's first Tech Ambassador, in order to exchange views on #techplomacy, future #digital trends and geopolitical #tech trends with a focus on Europe's position.
On 6th February 2019, MEP Brando Benifei and EIF invited MEPs, members and friends for the Brussels Pre-Launch of the Startup Europe Mediterranean, a project which aims to make a significant step forward as it links together different EU priorities: startups, investment but also the strategy for the Mediterranean as a geo-strategic area with innovation at the centre of the neighbourhood policy, development and cooperation and migration.
In this short highlight video, MEP Brando Benifei, Isidro Laso-Ballesteros from the European Commission, Gianpiero Lotito of FacilityLive, Zineb Rharrasse of Startup Maroc and Rasha Tantawy of TIEC share their views on the added value that Startup Europe Mediterranean can bring to the current landscape.
On 24 September 2019, Pilar del Castillo MEP and EIF invited members to kick off the new parliamentary season by discussing the "Top 10 Digital Trends that will shape Europe's future and demand Political Leadership".
In this short highlight video, MEP del Castillo, Roberto Viola of the European Commission and Jim Cloos from the EU Council share their views on EU's digital policy priorities.
On 9 October 2018, MEP Pilar del Castillo and EIF invited MEPs, EIF Members and friends for an exchange of views with Elzbieta Bienkowska, EU Commissioner for Internal Market, Industry, Entrepreneurship and SMEs, on the Future of Work.