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Lagarde's announcement applies to both wholesale and retail CBDCs. For those who may be unfamiliar with the terminology, wholesale CBDCs are primarily utilized by large banks and financial institutions to conduct high-value transactions. In contrast, retail CBDCs serve everyday consumers, enabling them to execute regular purchases, savings, and investment activities.
Lagarde emphasized the need for the EU Parliament to finalize the legislative process around the digital Euro. She warned that without this legislative groundwork, launching the digital Euro would be nearly impossible. As the preparations progress, it appears that Europe is on track to introduce this pioneering fully controlled Central Bank digital currency soon.