The EU Central Bank Explained the Need to Introduce the Digital Euro
The introduction of the digital euro is necessary to preserve the European Union’s sovereignty and control over its own currency and payment infrastructure. This was stated by European Central Bank President Christine Lagarde.
According to her, amid the global shift toward digital payments, central bank money must also take digital form. Lagarde emphasized that the payment system is an element of national sovereignty, and a lack of control over it makes a region potentially vulnerable. In July, the European Parliament, the European Commission, and the governments of European countries began consultations on harmonizing the rules governing the digital euro.
The negotiators aim to adopt the relevant legislation by the end of this year. This will allow the ECB to officially approve the digital euro on January 1, 2027—exactly 25 years after euro banknotes and coins were first put into circulation.
UNN reports this, citing Reuters.
The European Central Bank has announced a call for experts to develop the European Union’s central bank digital currency (CBDC)—the digital euro. This initiative is of significant importance for the development of European financial infrastructure.
A European Parliament committee has backed the creation of the digital euro—a new form of money to be issued by the European Central Bank. The EU expects this to help reduce dependence on U.S. payment systems and strengthen the bloc’s financial independence. The pilot launch of the project is expected in 2027.
