News
EU Finance Ministers Push for Digital Euro Framework Amid Disagreements
Finance ministers across the European Union are under mounting pressure to finalize a legal framework for a digital euro by the end of 2025, but divisions remain over privacy protections, limits on holdings, and the role of non-euro countries.
The push comes after EU leaders earlier this year urged ministers to accelerate talks on the project, seen as crucial to the bloc’s financial autonomy. Throughout July, negotiations in the Council of the EU gathered pace, with most governments backing the Danish presidency’s target of reaching a common position by late 2025.
Yet, several countries argue that more technical groundwork is required before moving forward. Germany’s Finance Minister Lars Klingbeil told colleagues in Brussels that the framework must guarantee “fair compensation models for banks, good distribution conditions, and a high level of privacy protection from day one.”
Other states raised additional concerns. Sweden has insisted the system must not overburden banks outside the eurozone. The Netherlands has pushed for strict holding limits to ensure the digital euro functions solely as a payment tool. Hungary has gone further, demanding a direct say over the issuance of the currency.
At the start of July, European Central Bank (ECB) Vice-President Luis de Guindos reiterated that no launch decision will be made until the legislative groundwork is completed. Both the Council and the European Parliament must adopt the framework before the ECB governing bodies decide whether to proceed, a step that would trigger a preparatory phase of about two and a half years.
De Guindos emphasized the urgency, warning that Europe’s growing reliance on U.S. payment providers threatens its financial independence. “Accelerating progress on the digital euro is essential to reduce our dependence on the U.S., as most electronic payment solutions are American,” he said. Currently, 13 of the 20 eurozone countries lack their own national card scheme, depending instead on international providers such as Visa and Mastercard.
The recent approval of the U.S. Genius Act, which regulates dollar-pegged stablecoins, has further sharpened concerns in Europe. ECB Executive Board member Piero Cipollone warned in April that Washington’s support for stablecoins could undermine Europe’s financial stability, underscoring the need to strengthen the euro’s role through a digital alternative.
According to the Financial Times, the ECB is still weighing which technology to adopt, including the possibility of using a public blockchain such as Ethereum or Solana. The ECB confirmed to Euronews that it is testing both centralized and decentralized solutions but has not yet made a decision.
Consumer groups also argue that Europe must build its own infrastructure. Anna Martin, head of financial services at the European Consumer Organisation (BEUC), said, “Current geopolitical uncertainties show very clearly the necessity to reduce Europe’s dependency on non-European providers in strategic areas.”
Still, progress in the European Parliament has stalled. A draft report on the digital euro was tabled in February 2024 by German MEP Stefan Berger, but no vote has followed. After Berger stepped down, Spanish MEP Fernando Navarrete took over the file in April 2025. Despite appeals from the ECB to advance the legislation, Navarrete has yet to comment publicly on the delays.
News
Investigation Underway After Goa Nightclub Fire Kills at Least 25
Authorities in the Indian state of Goa have opened an investigation into a nightclub fire that killed at least 25 people, including several tourists, in one of the region’s most popular party districts. Six others were injured in the blaze, which broke out shortly after midnight in Arpora, a nightlife hub about 25 kilometres from the state capital, Panaji.
Goa Chief Minister Pramod Sawant confirmed the death toll in a statement posted on X, saying the victims included many of the club’s kitchen staff and a small number of visiting tourists. He added that all the injured were in stable condition and receiving medical treatment. Rescue teams recovered all bodies from the site.
Early reports from local police, cited by the Press Trust of India, indicated that a gas cylinder explosion triggered the fire. Witnesses, however, told the agency that the blaze appeared to start on the club’s first floor, where nearly 100 tourists were dancing at the time. As smoke and flames swept through the building, many people ran toward the lower floor, where they became trapped along with staff members.
Sawant said a formal inquiry would determine the exact cause and whether the club complied with fire safety regulations. He pledged strict action against anyone found responsible, writing on X that any negligence uncovered by investigators would be “dealt with firmly”.
Eyewitnesses described scenes of panic as patrons attempted to flee the burning building. “We rushed out of the club only to see that the entire structure was up in flames,” said Fatima Shaikh, who was inside when the fire began.
Prime Minister Narendra Modi offered condolences in a message on X, calling the incident “deeply saddening” and wishing the injured a swift recovery.
Local media reported that the club’s location along the Arpora River backwaters posed challenges for emergency crews. A narrow approach road forced fire engines to park about 400 metres from the entrance, slowing their response. Reports also revealed that the building had previously received a demolition notice after officials found it lacked a construction permit. That order was later withdrawn by senior state authorities, according to Arpora councillor Roshan Redkar.
Incidents involving gas cylinders and electrical faults are not unusual in India and often lead to heavy casualties, prompting renewed calls for stronger enforcement of safety standards. Opposition leader Rahul Gandhi criticised the tragedy as a “criminal failure of safety and governance” and urged a transparent investigation to establish accountability and prevent future disasters.
The probe into the fire is expected to assess structural safety, emergency exits and compliance with existing regulations as authorities work to piece together how the late-night gathering turned into one of the deadliest incidents in the state in recent years.
News
White House Unveils “Media Hall of Shame” Portal as Attacks on Press Intensify
News
Russia Launches Massive Overnight Barrage on Ukraine as Peace Talks With U.S. Continue
-
Entertainment1 year agoMeta Acquires Tilda Swinton VR Doc ‘Impulse: Playing With Reality’
-
Business2 years agoSaudi Arabia’s Model for Sustainable Aviation Practices
-
Business2 years agoRecent Developments in Small Business Taxes
-
Home Improvement1 year agoEffective Drain Cleaning: A Key to a Healthy Plumbing System
-
Politics2 years agoWho was Ebrahim Raisi and his status in Iranian Politics?
-
Business1 year agoCarrectly: Revolutionizing Car Care in Chicago
-
Sports1 year agoKeely Hodgkinson Wins Britain’s First Athletics Gold at Paris Olympics in 800m
-
Business1 year agoSaudi Arabia: Foreign Direct Investment Rises by 5.6% in Q1
