ECB is currently in a preparation phase, with a possible pilot targeted for 2027
The European Parliament has voiced strong support for the European Central Bank’s plan to introduce a digital euro. Lawmakers approved the ECB’s annual report by a wide margin, signaling political backing for the project during a period of rising global tension around finance and payments.
In the adopted text, members described the digital euro as important for protecting the European Union’s monetary independence. They said a public digital currency could help reduce reliance on foreign payment providers and private alternatives, while also supporting a more unified retail payments market across member states.
Parliament also stressed that the ECB must remain free from political influence. Several lawmakers argued that central bank independence is critical for maintaining price stability and public trust. During the debate, concerns were raised that political pressure on monetary authorities has historically led to inflation and financial instability.
The resolution makes clear that cash will continue to play a central role in the euro area. Both physical cash and a future digital euro would hold legal tender status, ensuring consumers retain payment choice.
ECB officials have increasingly framed the digital euro as a public good. Executive board member Piero Cipollone recently described it as public money in digital form, built on European infrastructure. Supporters say this approach would give Europe more control over its financial systems at a time when global payment networks are under scrutiny.
Dozens of economists have also urged lawmakers to prioritize the public interest, warning that without a strong public option, private stablecoins and foreign firms could gain greater influence over Europe’s digital payments landscape.
