Future of money: How the digital euro could change Europe!

Future of money: How the digital euro could change Europe!

The digital euro is taking shape! In the context of a changing global landscape, the European Central Bank (ECB), under the leadership of Chief Economist Philip Lane, is increasingly emphasizing the need for a digital euro. During a lecture in Cork, Ireland, Lane emphasized that this move not only means adapting to the digital era, but also aims to secure Europe's economic autonomy. Europe currently processes around 60 percent of its card payments through international providers such as Visa and Mastercard, which represents a significant dependency. This situation could put Europe under economic pressure, which Lane sees as threatening to the continent's strategic autonomy. The social changes in payments are also reflected in the increasing use of mobile payments, which are dominated by technology companies such as Apple and Google. This development adds to the urgency of introducing a digital euro to regain control of the financial infrastructure, such as the crown reported.

The preparations for the digital euro are now entering the decisive phase. According to the daily news The preparatory phase is expected to be completed this year. However, this does not mean that the digital euro will be available immediately. After this phase, the development and implementation of possible use cases is on the agenda. The implementation envisages an introduction in 2027 at the earliest. Critics and conspiracy theorists are spreading daring theories about an alleged loss of personal freedom through the introduction of a digital currency. But the reality is more nuanced: the digital euro is intended as a supplement to cash, not as a replacement. Experts emphasize that cash remains available and the digital euro is a voluntary option intended to make digital payment methods easier to access.

So while the ECB is acting cautiously with its timing, skepticism about a digital euro remains in society. Many fear increased government control over payment transactions. Experts like Peter Tillmann from the Justus Liebig University of Giessen make it clear that despite the discussions about data protection and surveillance, the IT infrastructure must offer many options for protecting privacy. As part of its responsibility, the ECB will ensure that the digital euro does not become an instrument of control.