2.1  A fiscal union  Benoît Cœuré and Emmanuel Macron have made proposals that aim at creating a fiscal union – that is, centralised decision-making in the fiscal realm, combined with fiscal transfers or mutual liability in the form of Eurobonds. A genuine fiscal union could indeed restore the balance between control and liability.
But they should always have the option to use it. Just like they do with cash today. You, as European legislators, will take decisions that will be key to us achieving this objective. Therefore, in my remarks I will look at the digital euro also from a regulatory angle.