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| EU needs digital euro to reduce dependence on US |
| Bratislava, 28.01.2026 |
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| The European Union (EU) should quickly introduce a digital euro to reduce its dependence on dominant US payment companies, EU Commissioner for Economy and Productivity Valdis Dombrovskis said on Wednesday. TASR reports this based on a report by Reuters.
The European Central Bank has been working on the digital euro project since 2020. Its goal is to modernize the payment system. It also wants to ensure that the central bank's money remains relevant in an increasingly digitalized world.
However, progress has been slow due to a lack of political urgency and resistance from parts of the banking sector. According to Dombrovskis, however, the willingness of US President Donald Trump's administration to use economic pressure on Europe, for example in the case of Greenland, has highlighted the need to strengthen European autonomy.
"Today's payments ecosystem is significantly dominated by non-European providers. That is why we are dependent on foreign companies in an increasingly polarized and fragmented world," Dombrovskis said at the European Banking Summit.
Almost two-thirds of all card transactions in the EU are currently processed by US companies Visa and Mastercard. Dombrovskis said such dominance posed a risk.
“The fact that we have given up technological control over the EU economy to others to such an extent could be an obstacle to our autonomy. It poses real threats to our resilience and economic security,” he added.
A digital euro, usable both online and in-store, would mitigate these risks, he said, and work on it should be accelerated. “Europe needs a digital euro for the digital age. It needs to be seen in the broader context of strengthening Europe’s strategic autonomy,” he said. odkaz na stránku |
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