European Central Bank Targets 2029 Launch for Digital Euro Amid Political Resistance
The European Central Bank is pushing forward with plans to introduce a digital euro by 2029, despite political gridlock in the European Union. Preparatory work continues as officials gather in Florence this week to assess progress, though final implementation hinges on lawmakers agreeing to a legal framework.
Political opposition led by the European People's Party favors private sector digital payment solutions over a central bank digital currency. This stance has delayed legislation originally expected to be finalized by now, raising concerns about Europe's reliance on U.S. payment giants like Visa and Mastercard.
The ECB's urgency stems partly from fears of U.S. stablecoin dominance in European markets. A sovereign digital currency could provide the bloc with greater financial autonomy and reduce dependence on foreign payment infrastructure.
