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

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

Cork, Irland - The digital euro takes shape! In the context of a changing global landscape, the European Central Bank (ECB), led by chief economist Philip Lane, is increasingly focusing on the need for a digital euro. During a lecture in Cork, Ireland, Lane emphasized that this step not only means adaptation to the digital era, but also pursues the goal of securing the economic autonomy of Europe. Europe is currently processing around 60 percent of its card payments through international providers such as Visa and Mastercard, which is a significant dependency. This situation could expose Europe to economic pressure, which Lane sees as threatening to the strategic autonomy of the continent. The social changes in payment transactions are also evident in the increasing use of mobile payments that are dominated by technology groups such as Apple and Google. This development contributes to the urgency of the introduction of a digital euro to regain control of the financial infrastructure, as the Krone

Preparations for the digital euro are now going into the decisive phase. According to the Tagesschau , the preparatory phase is 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 applications is on the agenda. The implementation provides for an introduction at the earliest for 2027. Critics and conspiracy theorists spread daring theories about an alleged loss of personal freedom by introducing a digital currency. But the reality is more differentiated: the digital euro is intended as a supplement to cash, not as a replacement. Experts emphasize that cash remains available and that the digital euro is a voluntary option that is supposed to facilitate access to digital payment methods.

While the ECB acts carefully with the time planning, the skepticism of a digital euro remains in society. Many fear increased state control over payment transactions. Experts like Peter Tillmann from the Justus Liebig University Gießen make it clear that despite the discussions about data protection and surveillance, the IT infrastructure must offer many opportunities to protect privacy. As part of its responsibility, the ECB will ensure that the digital euro does not become an instrument of control.