European Parliament Votes on Digital Euro as U.S. Firms Handle 61% of Eurozone Card Payments
Updated
Updated · Euronews · Jun 22
European Parliament Votes on Digital Euro as U.S. Firms Handle 61% of Eurozone Card Payments
3 articles · Updated · Euronews · Jun 22
Summary
A crucial European Parliament vote on digital euro legislation is due Tuesday, advancing an ECB-backed public digital currency meant to complement cash and bolster the euro’s global role.
Christine Lagarde said Europe must “take control of its own money” as geopolitical strains and Donald Trump’s confrontational trade and foreign policy stance sharpen pressure to cut reliance on U.S. payment rails.
ECB data show Visa and Mastercard account for 61% of eurozone card payments and nearly all cross-border transactions, underscoring the bloc’s dependence on foreign infrastructure.
The ECB is pairing the digital euro push with its March payments strategy—built around the Pontes and Appia networks—to embed central bank money in tokenized and distributed-ledger systems.
The debate also reflects competition with dollar-backed stablecoins, which make up 95% of the global market, as the EU weighs more euro-denominated stablecoins and targets approval of the digital euro by end-2026.
In the race for digital currency dominance, can Europe's public euro outpace America's private stablecoin strategy?
With US firms controlling EU payments, can a digital euro truly reclaim Europe's monetary sovereignty?
Will the digital euro truly protect citizen privacy or create a new era of financial surveillance?
Europe’s Digital Euro: Timeline, Political Hurdles, and the Race for Financial Sovereignty by 2029
Overview
As of June 2026, the digital euro project is at a decisive point in the European Parliament, where upcoming legislative decisions will shape its future. The ECB, confident in eventual parliamentary approval, is preparing a public marketing campaign, a move it had postponed until receiving support from lawmakers. This momentum comes as the ECB stresses the need for a strong legal framework and plans to invite creative ideas and providers to help implement the digital euro. These steps highlight the project's progress and the importance of political consensus and innovation for its successful launch and adoption.