{"id":12053,"date":"2025-11-05T13:07:19","date_gmt":"2025-11-05T10:07:19","guid":{"rendered":""},"modified":"2025-11-05T13:07:19","modified_gmt":"2025-11-05T10:07:19","slug":"ecbs-digital-euro-plan-faces-strong-resistance-from-european-banks","status":"publish","type":"post","link":"https:\/\/harici.com.tr\/en\/ecbs-digital-euro-plan-faces-strong-resistance-from-european-banks\/","title":{"rendered":"ECB’s digital euro plan faces strong resistance from European banks"},"content":{"rendered":"

The European Central Bank\u2019s (ECB) plan to launch a digital euro by 2029 has encountered strong opposition from EU lawmakers and the European banking sector.<\/p>\n

Ahead of a key European Parliament session on the project on Wednesday, 14 lenders, including Deutsche Bank, BNP Paribas, and ING, warned that the digital euro could undermine private sector payment systems.<\/p>\n

The 14 banks have collaborated to create a private sector entity that will compete with US payment companies like Mastercard, Visa, and PayPal. The service, named Wero, was launched last year.<\/p>\n

\u201cThe current design of a retail digital euro addresses largely the same use cases as private solutions, without offering clear added value to consumers,\u201d the banks stated ahead of Wednesday\u2019s session.<\/p>\n

Fernando Navarrete, a Spanish conservative lawmaker appointed by the European Parliament to evaluate the digital euro, is also advocating for a significantly scaled-down version of the project.<\/p>\n

The ECB began evaluating a digital central bank currency in 2020. Last week, its governing council decided to take the necessary steps to launch the first digital euros \u201cin 2029,\u201d with a pilot program in 2027.<\/p>\n

The legislation underpinning the project was proposed by the European Commission in 2023. The project can only proceed if EU governments and the bloc\u2019s parliament give it the green light, as current laws only authorize the ECB to issue physical cash, not digital tokens.<\/p>\n

ECB executive board member Piero Cipollone argued in September that the digital euro is needed to protect \u201cour freedom, our autonomy, and our security\u201d due to the dramatic decline in cash usage and the dominance of US payment providers.<\/p>\n

The share of cash used in stores fell from 72% to 52% in the five years leading up to 2024. The digital euro has gained impetus from the rapid development of US-backed stablecoins, which many in Europe believe could threaten the role of the euro.<\/p>\n

Last month, the 20 finance ministers of the eurozone member states supported the ECB\u2019s digital euro plans, welcoming the \u201crecent progress in advancing the digital euro project\u201d and urging lawmakers in Brussels to swiftly enact the necessary legal changes.<\/p>\n

In a report published last week, Navarrete argued that the digital euro should only be used as a substitute for coins and banknotes in payments without an internet or mobile connection, but not as a real-time digital payment tool for other transactions, including online, as envisioned by the ECB.<\/p>\n

Navarrete warns in his report that online payment functions could create a \u201cparallel payment ecosystem that prevents private solutions from reaching a pan-European scale.\u201d<\/p>\n

He advocates for the online version of the digital euro to be launched only if European private sector competitors to US payment providers fail.<\/p>\n

Navarrete told<\/a> the Financial Times<\/em> that the private sector is \u201ccloser than ever\u201d to creating a competitive payment system, adding that \u201ca responsible policymaker\u2019s approach should be to set a framework to maximize the chances of this happening,\u201d while also being \u201cready with a fallback option.\u201d<\/p>\n

It is unclear whether Navarrete\u2019s views are shared by a majority in the parliament, as social democrats, liberals, and greens, as well as members of his own conservative group, support the digital euro.<\/p>\n

His assessment was welcomed on Tuesday by the German Banking Industry Committee, the country\u2019s largest banking lobby group.<\/p>\n

The committee described the current plans as \u201ctoo complex\u201d and \u201ctoo expensive,\u201d stating that they offer \u201cno tangible benefit for consumers.\u201d<\/p>\n

In a study commissioned by European banks, PwC estimated that the launch of the digital euro could cost the financial sector \u20ac30 billion.<\/p>\n

The ECB rejected this estimate, stating the cost would be just under \u20ac6 billion.<\/p>\n

\u201cTwenty-five years after the introduction of the euro, there is still no pan-European competitive payment solution,\u201d said a senior central bank official, adding that even the successful establishment of a domestic private sector entity to rival Visa and Mastercard would not be a permanent solution to the problems, as its ownership could change.<\/p>\n

\u201cVisa Europe used to be European, but it was eventually sold,\u201d the central bank official said.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The European Central Bank\u2019s (ECB) plan to launch a digital euro by 2029 has encountered strong opposition from EU lawmakers and the European banking sector. Ahead of a key European Parliament session on the project on Wednesday, 14 lenders, including Deutsche Bank, BNP Paribas, and ING, warned that the digital euro could undermine private sector […]<\/p>\n","protected":false},"author":1,"featured_media":12054,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[3],"tags":[3010,12382,12381,7611,3244,1856,14062,14061,5102,990,14063,2035,12051,14065,1279,14064],"class_list":["post-12053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-europe","tag-bnp-paribas","tag-cbdc","tag-central-bank-digital-currency","tag-deutsche-bank","tag-digital-euro","tag-ecb","tag-eu-lawmakers","tag-european-banking-sector","tag-european-central-bank","tag-european-parliament","tag-fernando-navarrete","tag-mastercard","tag-piero-cipollone","tag-private-payment-systems","tag-visa","tag-wero"],"yoast_head":"\nECB's digital euro plan faces strong resistance from European banks - 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