The Digital Euro: A New Chapter in European Payment Solutions

The Milano Cortina Games have spotlighted a significant issue facing European policymakers: the dominance of foreign payment providers and the diminishing role of cash. Under a longstanding sponsorship deal, Visa remains the exclusive card provider at the Games.

With the potential introduction of a digital euro by 2029, Europe seeks to strengthen its economic security by reducing dependency on international card schemes. The European Central Bank is advocating for new EU laws to support this initiative and ensure that cash remains a viable payment option.

Concerns over the digital euro's impact on commercial banks have delayed legislation, but recent endorsements from the European Council and Parliament indicate growing support. This initiative aims to defend central bank money's role, ensuring the EU retains control over its economic destiny.