Delays in rolling out a digital euro could leave Europe vulnerable.

VTV.vn - The ECB warns that slow rollout of the digital euro could make the EU dependent on foreign Big Tech payment systems, threatening European financial sovereignty.

The headquarters of the European Central Bank (ECB) in Frankfurt, Germany. (Photo: THX/VNA)

On February 6th, the European Central Bank (ECB) urged the European Union (EU) to quickly accelerate the rollout of a digital euro, while warning of the continent's growing dependence on payment systems from foreign "tech giants."

Speaking at an event in Cyprus, Piero Cipollone, a member of the ECB's Executive Council, argued that delays in the legislative process risk disrupting the rollout of a digital euro. He stated that this would increase the EU's reliance on international payment card systems and payment solutions from technology companies outside Europe.

Mr. Cipollone did not name specific foreign technology companies. However, concerns about the EU's heavy reliance on American technology companies are growing, amid deteriorating relations between the continent and the US under President Donald Trump.

The EU has been studying the feasibility of adopting a digital euro since 2020. Last January, dozens of economists signed an open letter arguing that it is "an essential safeguard for European sovereignty ." Supporters argue that a unified and well-designed digital currency would allow Europeans to make online payments without relying on US card companies or payment systems.

The ECB plans to launch a pilot program for a digital euro in 2027. The European Parliament is expected to decide this year whether to continue with the project.

However, banks in the EU are now concerned that the digital euro could undermine demand for existing online banking services. Some banks have launched their own payment systems, such as Wero, to compete with US platforms like Visa, Mastercard, and PayPal.

Source: https://vtv.vn/cham-tre-trien-khai-dong-euro-ky-thuat-so-co-the-khien-chau-au-de-bi-ton-thuong-100260207072955821.htm