Phoenix 24
A digital euro is not just an innovation, it is a strategic leap that preserves both sovereignty and security.
Brussels, September 2025.
Piero Cipollone, member of the European Central Bank’s executive board, assured legislators that the digital euro will be profitable for financial intermediaries while posing no threat to financial stability. He emphasized that this form of central bank digital currency will complement cash rather than replace it, strengthening resilience in the payment system against possible disruptions.
Designed to function like digital cash, the digital euro will guarantee uninterrupted access for all citizens even during crises such as cyberattacks or bank outages, preserving the ability to make payments under all circumstances. It will also work offline, ensuring inclusivity and stability across the euro area.
The project remains in its preparation phase, with extensive pilots being conducted to test infrastructure, rulebooks, user experience and offline functionalities. A final decision depends on upcoming EU legislation, with a timeline of two to three years before full implementation.
The expected cost of launching the digital euro ranges between 2.8 and 5.4 billion euros. Policymakers argue that the long term benefits outweigh the expense, pointing to greater autonomy, reduced dependence on foreign payment systems and the guarantee of a stable public digital alternative.
Debate within Europe reflects deeper political and economic currents. Supporters see the digital euro as essential to monetary sovereignty and technological independence, especially as U.S. stablecoins and foreign digital payment platforms expand their influence. Critics warn about privacy risks, the exclusion of unbanked populations and the potential for bank runs if deposits move too quickly from private accounts to central bank digital wallets. In response, the ECB stresses that safeguards such as holding limits will prevent destabilizing shifts, while reaffirming that the digital euro is a complement to the financial system, not a replacement.
European lawmakers remain divided. Some regard the project as a vital digital anchor for Europe’s payment infrastructure, while others prefer to rely on private sector innovation or resist further centralization of monetary power. Yet urgency continues to grow. With the United States advancing regulatory frameworks and the dollar maintaining dominance in digital finance, Europe faces the risk of falling behind if it does not move decisively.
The digital euro represents more than a technical project. It is a statement of sovereignty, a shield against external dependency and a step toward ensuring that Europe remains a central actor in the future of digital payments. The coming years will determine whether political will can match technological ambition to bring this project into reality.
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