Be wary of dependence on the United States and accelerate the layout of the digital euro in Europe

The European Central Bank has recently called on the European Union to accelerate the process of the digital euro and has repeatedly warned that if legislation and institutional arrangements related to the digital euro are not promoted as soon as possible, the EU will further rely on non EU large technology companies in the fields of digital payments and financial infrastructure.

Piero Chipolone, a member of the Executive Committee of the European Central Bank, stated in a media interview on the 8th that nearly 70% of bank card transactions in the eurozone currently rely on payment platforms led by non EU institutions. He pointed out that the digital euro is a key tool for enhancing the autonomy of digital payments in Europe, while also reducing payment costs for businesses.

Valdis Dombrovskis, the European Commissioner for Economic Affairs, recently stated that the EU needs to establish a digital euro as soon as possible to reduce its dependence on American payment companies. He said that American companies Visa and Mastercard currently handle about two-thirds of credit card transactions in the European Union, and this high concentration makes the EU vulnerable. He emphasized that the payment system is an important infrastructure, and excessive reliance on external institutions may affect the economic resilience and autonomous decision-making ability of the EU.

Agence France Presse and other media outlets believe that in recent years, the volatility of US European relations has significantly increased Europe's concerns about relying on American companies in key technologies and payment areas, thereby promoting the EU to more actively enhance its financial autonomy.

It is reported that since the European Central Bank launched its research on the digital euro in 2020, it has consistently emphasized that the project will not replace cash, but rather serve as a public payment option, existing in parallel with existing payment methods. The European Central Bank also pointed out that the launch of the digital euro must be based on a sound legal framework and privacy protection mechanism.

At present, bills related to the digital euro have been submitted for review by the European Council and the European Parliament. According to the latest official plan, if the relevant legal framework can be passed by the end of 2026, the European Central Bank is expected to launch a pilot project in 2027 and strive to officially issue a digital euro in 2029.

European Central Bank President Lagarde recently called on EU leaders to take urgent collective action in key areas such as advancing the digital euro and deepening the single market, in order to enhance the EU's long-term growth potential and institutional resilience.