European Central Bank (ECB ) President Christine Lagarde has described the digital euro as “a symbol of trust and unity” for Europe. She used this sentiment to convey that the soon-to-be-launched central bank digital currency would be a powerful tool to promote financial independence and facilitate payments within the European Union.
According to the statement, the ECB would guarantee that anyone in Europe could have access to public money, now that payments are more digitized. The full text of her remarks was published online.
She explained that the digital euro would coexist with physical cash rather than replace it. According to Lagarde, the currency forms would be used together to ensure maximum payment coverage and inclusion.
The digital euro would enable citizens across the continent to make instant online and offline payments, either quickly or at no charge, in all member states. According to the ECB, the initiative aims to provide a publicly owned alternative to private payment providers such as Visa, Mastercard, and Apple Pay.
ECB pushes digital euro for unity and trust
The president emphasized that Europe should establish a timetable that enables it to maintain its position in the digital world and reduce its reliance on non-European banking and other systems. In the latter part of October 2025, the Governing Council of the ECB convened and decided to proceed with the “preparation phase,” where the technical blueprint for the E-euro will be created.
Such activities, according to the president, involve setting up computing systems, securing infrastructure, and implementing robust privacy safeguards, which allow individuals to transact freely and securely.
At a related news conference on Wednesday, Fabio Panetta, an ECB Executive Board member in charge of the project, emphasized that the digital euro will offer privacy at least as strong as that of existing electronic payments. There is no reason to be concerned that the currency would remove liquidity from commercial banks, according to the bank.
The ECB has stated that the digital euro may supplement private banks by providing a secure means of digital central bank money for everyday use. At that time, the ECB aims to launch the digital euro by 2027, with full deployment possible by 2029, depending on lawmakers’ ability to pass the necessary legislation.
During the pilot project, alternative scenarios will be played. These scenarios include transfers from one individual to another, offline transactions, and cross-border transactions, all of which will be carried out within the Eurozone. According to the initial estimates on pricing, the project could be worth approximately €1.3 billion to develop and test, with annual operating costs of around €320 million.
Currently, the European Parliament and the Council of the European Union are considering a bill that would enable the ECB to issue its own digital currency. Despite skepticism about privacy, security, and financial stability, Lagarde believes that stringent data security measures, combined with the public’s trust in the ECB, will support the integrity of the system. Most importantly, Lagarde argues that the digital euro will support user preferences rather than regulation.
Critics challenge the ECB over digital control
Critics in the crypto space argue that such systems run counter to the decentralization ethos, and that creating a central bank digital currency enables real-time surveillance of your payments. Analysts believe that totalitarian governments will soon emerge, possessing excessive control over their citizens’ ability to spend money.
Last week, French conservative Éric Ciotti submitted a bill to ban the e-euro and advocate for Bitcoin as a moneyless alternative. Similarly, Alternative für Deutschland called on aficionados to e-petition Parliament to designate Bitcoin a vital national priority.
Lagarde said the bank’s goal is to offer users an option to make and receive euro-based payments that are inclusive, confidential, and distinctly European.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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