European Union (EU) finance ministers have agreed on a roadmap for a digital euro, a central bank digital currency (CBDC) intended to serve as a digital wallet backed by the European Central Bank (ECB). The move is driven by the EU’s ambition to reduce its dependence on foreign financial systems and strengthen its strategic autonomy.

The push for a digital euro has gained momentum this year as the EU seeks to lessen its reliance on other countries in key areas, including finance. A primary goal is to create a European alternative to the dominant U.S.-based payment systems like Visa and Mastercard. The ECB also views the digital euro as a response to global initiatives for U.S. dollar-pegged stablecoins, which some fear could expand foreign control over Europe’s financial infrastructure.

As ECB President Christine Lagarde stated, the digital euro is “not just a means of payment, it is also a political statement concerning the sovereignty of Europe.” On Sept. 4, ECB executive board member Piero Cipollone highlighted the benefits of the digital euro while addressing lawmakers, emphasizing that the CBDC would help the EU counter dollar-backed stablecoins.

Despite this political will, the project has faced significant hurdles, with lawmakers and bankers voicing concerns that the digital currency could lead to a flight of deposits from traditional banks or compromise user privacy.

In a step seen as a breakthrough for Europe, finance ministers, joined by Lagarde and European Commissioner Valdis Dombrovskis, reportedly reached a compromise that gives them a direct say in the currency’s issuance and the holding limits for each resident. This is intended to address fears of a “run on bank deposits.”

Paschal Donohoe, who chairs the meetings of finance ministers, confirmed that before the ECB makes a final decision on issuance, there will be an opportunity for discussion in the Council of Ministers. The digital euro is expected to unify a currently fragmented payments market, as some EU countries have their own national digital payment systems, but none are accepted across the entire 27-nation bloc.

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