European Parliament Endorses Digital Euro to Secure Sovereignty Against US Payment Dominance

2026-02-10 digital

Brussels, Tuesday 10 February 2026
On 10 February 2026, the European Parliament formally backed the digital euro, aligning with the Council to authorise both online and offline usage. This strategic endorsement seeks to insulate the EU from geopolitical risks by reducing dependence on US giants Visa and Mastercard, clearing the path for a potential 2029 launch.

A Decisive Vote for Monetary Autonomy

The parliamentary endorsement delivered on Tuesday marks a critical juncture for the European Central Bank’s (ECB) digital currency project. By approving amendments to the resolution on the ECB’s 2025 annual report, Members of the European Parliament (MEPs) have aligned themselves with the European Council to support a digital euro capable of functioning both online and offline [1]. The vote was decisive, with 438 parliamentarians supporting the plans compared to 158 in opposition [5][6]. This represents a majority of roughly 73.49 per cent of the recorded votes, signalling a clear mandate to proceed with a project that has previously faced stagnation due to resistance from banking lobbies, particularly in Germany [1].

Reducing Reliance on US Infrastructure

The geopolitical drivers behind this initiative are becoming increasingly explicit. The digital euro is being positioned as a necessary tool to safeguard the bloc’s monetary sovereignty and mitigate the fragmentation of EU payment services [1]. Currently, the European market is heavily dependent on US providers such as Visa and Mastercard, a vulnerability that has been highlighted by fraying transatlantic relations [1]. Italian MEP Pasquale Tridico underscored this risk, warning that reliance on American players leaves the EU vulnerable to decisions made by the US administration, specifically citing the potential influence of President Trump [7].

Timeline and Privacy Concerns

With the Parliament’s initial backing secured, the focus shifts to the implementation timeline. The ECB intends to launch a pilot programme in 2027, contingent upon the Parliament and member state governments agreeing on the legal framework within the current year [5][6]. If the pilot phase proves successful, the official introduction of the digital euro is projected for 2029 [1][6]. This schedule remains ambitious, given that the draft legislation had previously been stuck in negotiation for over two years [1].

Sources & Ecosystem Partners

Digital Euro CBDC