The European Parliament is set to vote today on the annual report on the work of the European Central Bank (ECB), which includes a key section supporting the introduction of the digital euro. Although the document has no legislative force, the vote will reveal the true level of political support for the electronic form of the European currency.
The amendment on the digital euro was backed by 48 Members of the European Parliament from several political groups, calling for the introduction of a digital currency available both online and offline. According to the European Commission’s proposal, the digital euro would serve as an additional means of payment alongside cash and commercial bank cards, enabling citizens to use “public money” in digital form.
Amid growing economic tensions between the European Union and the United States, the digital euro is also seen as a strategic alternative to the American payment networks Visa and Mastercard, which currently dominate the European market.
However, the European Parliament’s position remains divided. The main rapporteur, Spanish MEP Fernando Navarrete from the centre-right, proposes limiting the digital euro to offline use only, which would reduce its role as an alternative to existing payment systems. Far-right parties, such as Spain’s Vox, have already called for the proposal to be withdrawn entirely.
In addition, an amendment supporting the European Commission’s broader vision, proposed by Italian MEP Pasquale Tridico from the left-wing Movimento 5 Stelle group, highlights the need for a digital euro as a tool to preserve the EU’s monetary sovereignty. “Today we are completely dependent on major American players, Visa and Mastercard. If tomorrow the United States decides to restrict our use of these systems, European citizens would be left without the most widely used method of payment,” Tridico warned in a statement to Euronews.
According to the signatories of the amendment, the digital euro would complement cash and private banking systems, reduce fragmentation in retail payments, and strengthen the resilience of the single market. Support for the amendment comes from a broad range of political groups—the European People’s Party, the Socialists, Renew Europe, the Greens, and the Left—indicating that the report is likely to pass and signal European support for the digital euro.
