Quote from: Lucius on July 18, 2021, 02:49:08 PM

As an EU resident, I am not particularly excited about this, because I know that it will take them much more than 5 years to do anything, and all that time will come in handy for Bitcoin to become more mainstream in EU.

Neither am I, as for the 5 years....cough, Berlin's Airport...cough! Cheesy

Let's not even talk about things that require cooperation, Schengen? Military cooperation? Immigrant policy?

As for why we should be happy about it I don't see any reason to, we could be really off with the current system, just improve the banking times, we already have instant banking transfers between 4 banks and some have started to offer 1-2 hours interval transfer to every country in the EU. About clearing times and whatever happens outside the customer view, I couldn't care less, it's their loss if they are inefficient.

Quote from: Lucius on July 19, 2021, 01:19:35 PM

Quote from: o_e_l_e_o on July 19, 2021, 10:44:50 AM

Perhaps, as an EU citizen, you can provide your opinion on the following: Are the stakes that bit higher in the EU compared to the US? Should there be a complete collapse of our monetary system and USD becomes worthless, then obviously the fallout will be massive, but at the end of it, I would still expect the United States to exist with all 50 states. However, if the Euro collapses, can we say the same about the fate of the EU itself? Would the collapse of the Euro lead to the collapse of the EU?

This is the question of all questions when we talk about the common currency in the EU (EUR), compared to the US and the US dollar. The stakes, in this case, are incomparably higher than in the US in every sense, because you yourself well conclude that the eventual collapse of the US dollar will probably not affect the collapse of the US as it exists today, but the collapse of the euro would have terrible consequences for the EU.

As far as the comparison between those two goes I always start with one thing, the US states don't have the long history of having their own currency the EU states have, for most of them it was simply pound, pesos, dollar, the collapse of the US dollar wouldn't put much strain on the union if the Euro becomes toilet paper it will spur addition exits probably. But I don't see the currency crumbling that soon, probably right now it has a more solid position than the US.

Quote from: o_e_l_e_o on Today at 09:36:47 AM

I guess it would require all eurozone members to agree on the project with the same terms and without conditions. I'm not expecting that anytime soon.

My understanding was that the ECB could pass down decisions based on "consensus" or "majority" rulings, rather than requiring complete agreement from all its members, but I'm not from Europe so someone can correct me if I'm wrong.
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The ECB has no longer a true consensus policy because it would contradict its own status now where the voting rights for governors are done by rotation so a real consensus can't be reached, they use usually the term majority. Besides, it was never about real consensus and more about negotiating till one would give up.

But, that aside, fiscal rules inside the Eurozone are not simply issued by the ECB, they only control a range of monetary policies, from interest rates to bank loans and buying assets, what would be required in this case would be a consensus of the countries themselves, and in this yes, every country has a veto right when it comes to this. It takes one parliamentary majority in one to refuse it and the project is dead. Not even the EU parliament has power over this decision.