Change of doctrine, faced with the rise of stablecoins backed by dollar and persistent dependence on American players in payments, the European Central Bank intensifies its call in favor of a digital euro. According to Philip Lane, head economist of the ECB, the creation of a European digital currency is now essential to preserve the monetary sovereignty of the continent. Intervening at a conference in Cork, Ireland, he insisted that the digital euro is not limited to a technological adaptation, but constitutes a strategic bulwark in a context of increasing geopolitical fragmentation.
Philip Lane notably warned against the risk of seeing foreign stables establishing themselves as a means of exchange in the euro zone, weakening European financial autonomy. He also pointed out the high dependence on American payment networks such as Visa, Mastercard, or Paypal, Apple and Google. The digital euro would, according to him, overcome the structural limits of the European payment system and promote strengthened collaboration between banks and service providers.
While the project was launched in 2021, the ECB is now awaiting a European legislative framework to be able to initiate a concrete implementation phase. Earlier in the day, Christine Lagarde also called for accelerating work on the digital euro, both for individuals and interbank transactions, in order to strengthen the economic resilience of the continent.
