The project of the digital euro enters a decisive phase in European institutions. As reported by Expansión, members of the Committee on Economic and Monetary Affairs of the European Parliament (ECON) have agreed to endorse the presentation of the text to the European Parliament on June 23, with the aim of the Parliament giving the green light to the project.
If the planned schedule is maintained, the vote in the European Parliament could take place between July 6 and 9, which would bring the adoption of the digital euro closer to its final legislative processing phase.
The ECB Defends Its Usefulness for Europe
The European Central Bank (ECB) argues that the digital euro would strengthen Europe's monetary sovereignty, increase the bloc's economic security, and modernize payment systems.
The institution argues that this tool would help make European payment infrastructures more competitive, resilient, and inclusive, in a context marked by the advancement of digital payments and the growing dependence on private providers and international platforms.
Privacy and Freedom, the Most Sensitive Points
Despite the ECB's arguments, the project has also opened a debate about its potential effects on citizens' privacy and economic freedom. Critical voices warn that a digital currency issued by a central bank could increase supervisory capacity over payments if sufficient guarantees are not established.
The discussion focuses on how to reconcile monetary innovation with data protection, anonymity in certain transactions, and the preservation of cash as a means of payment. The ECB has argued on several occasions that the digital euro would not replace physical money, but rather function as a complement.
Processing That Could Conclude This Year
After the vote in the European Parliament, the European Parliament would have to initiate the final procedures for the definitive adoption of the project together with the Council of the EU. According to the published information, final approval could come before the end of the year.
This schedule would fit with the timelines managed by the ECB. In October, the institution decided to move forward with the project after concluding the preparation phase initiated in November 2023. If the legislation is approved in 2026, the first issuance of the digital euro could occur in 2029.
Planned Implementation Costs
The development of the digital euro would require an estimated investment of approximately 1.3 billion euros until its launch. From 2029 onwards, operating costs would be around 320 million euros annually, according to calculations attributed to the ECB.
That bill would be borne by the Eurosystem, similar to what happens with the production and distribution of banknotes. The institution maintains that these expenses could be offset by revenue from seigniorage.
A monetary project with political and economic impact
The digital euro is presented as one of the European Union's main monetary bets for the coming years. Its proponents see it as a response to the digitalization of payments and the need to strengthen European financial autonomy.
Its critics, on the other hand, demand more guarantees regarding its design, governance, and limits of use. The vote planned in Brussels will be a key step in determining whether the project moves towards its definitive adoption and under what conditions it will be incorporated into the European monetary system.