European Union finance ministers are meeting to determine a common position on the
digital euro. The aim is to reduce dependence on US-based payment giants like Visa and Mastercard and to create Europe’s own digital payment infrastructure.
Plans to develop a digital equivalent to the euro, used in 20 EU countries, have been on the agenda for six years, but discussions have intensified this year with the goal of reducing external dependence in energy, finance, and defense.
Spanish Finance Minister Carlos Cuerpo said at the meeting in Copenhagen, “We must create our own digital payment system. This is a strategic area of progress for Europe.”
Although there is broad support at the political level, the European Parliament has not yet given the necessary approval. The legislation has not been passed. The European Central Bank (ECB), however, predicts that if the regulations are completed by 2026, the digital euro could be launched within 2-3 years.
EU Economic Commissioner Valdis Dombrovskis emphasized that the digital euro would “strengthen Europe’s strategic autonomy” and create an independent payment system for online shopping. The ECB’s plan is to create a central bank guaranteed online wallet, allowing users to make payments without relying on foreign providers like Visa, Mastercard, or PayPal.
However, some MPs and bankers are expressing concern that the digital euro could bring risks to the banking sector and lead to digital deposit flight.
Nevertheless, according to experts, the digital euro project will be not only technological progress but also a critical step for the EU’s economic independence.
