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ECB: Digital Euro to Enhance European Banking Competitiveness, Official Launch in 2029

On October 6, ECB Executive Board member Fabio Panetta stated that the digital euro will help European banks improve their competitiveness. Panetta mentioned on Tuesday that the digital euro project is not just aimed at addressing the current shortcomings of the European payment system. He said, "This is also an opportunity to think about the future and provide an innovative platform. New opportunities are constantly emerging, and we want to ensure that European payment service providers have the capacity to seize these opportunities and build a strong competitive advantage." The ECB plans to officially launch the digital euro in 2029, with a pilot phase starting next year. The project aims to maintain Europe's monetary sovereignty. Currently, Europe has a high dependency on American payment companies like Visa and Mastercard, while the ongoing development of stablecoins linked to the dollar has further heightened concerns among European policymakers.

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