The Blockchain for Europe joint report suggests that some restrictions on euro stablecoins under MiCA could weaken their global competitiveness. The report recommends allowing euro electronic money tokens (EMT) to pass on net reserve asset earnings to holders within a strict reserve and disclosure framework; at the same time, it proposes removing or reducing the 30%/60% bank deposit reserve requirements, expanding the range of qualified high-liquidity reserve assets, and providing a clearer framework for cross-border stablecoin use and access to central bank infrastructure.