The European Parliament has officially expressed its support for the digital euro project being developed by the European Central Bank (ECB), in a move seen as a significant effort to strengthen the European Union's (EU) financial sovereignty.
In the latest vote, the ECB's annual report was approved by a large majority of 443 in favor, 71 against and 117 abstentions.
MEPs described the digital euro as a key element in reducing Europe's dependence on non-EU payment providers and private financial instruments such as stablecoins.
Amid geopolitical uncertainty, money and payment systems are now considered strategic assets.
The EU wants to ensure that its retail payment system is built on Europe's own infrastructure and is under the full control of the region, thus reducing the risk of external pressure during a crisis.
The digital euro will be a digital form of public money, with the same legal tender status as cash.
However, the Parliament stressed that physical money will continue to play an important role in the eurozone economy.
At the same time, MEPs also reminded that the ECB's independence must be preserved.
They stressed that political interference in central banks could lead to inflation and financial instability, thus undermining market confidence.
The digital euro project is currently in the technical readiness phase and still needs EU legislative approval.
If approved in 2026, pilot implementation could begin in 2027, with a potential launch around 2029.
