EU Accelerates Digital Euro Plans, Aiming for Independence from Visa, Mastercard

The European Union is intensifying efforts to create a digital euro, aiming to provide an alternative to dominant US payment systems like Visa and Mastercard. Finance ministers discussed the next steps in Copenhagen, with the goal of strengthening Europe's strategic autonomy in financial and digital payments.

Spanish Finance Minister Carlos Cuerpo emphasized the need for Europe to develop its own system to reduce dependence on external providers.

Despite political support, the European Parliament has not yet approved the relevant legislation. The ECB estimates that the framework will be in effect in the first half of 2026.

Commissioner for Economy, Valdis Dombrovskis, stated that Europe needs a “pan-European payment system” independent of foreign companies.

The ECB has presented a plan for an electronic wallet. The European Commission presented a legislative proposal in 2023, but progress has been limited. Bankers and MEPs are concerned about potential risks.

The launch of the digital euro is not expected until three years after final approval.

Mr. Dombrovskis emphasized that the project is crucial for Europe's strategic autonomy.