With 416 votes for, 169 against and 22 abstentions, the European Parliament spoke out on July 9 in favor of the creation of a digital euro. This step paves the way for negotiations with the Council of the EU before possible final adoption. Thirty-six European banks, including BPCE in France, will participate in a testing phase from September 2027. If these are conclusive, entry into circulation could take place from 2029.
This dematerialized currency, which will be issued by the European Central Bank, will have the same value as physical euros and can be used both online and in certain offline situations – unlike cryptocurrencies such as bitcoin. However, there is no question of definitively saying goodbye to cash. “Banknotes will continue to circulate as long as European citizens want to use them. The digital euro will not replace them,” insists the president of the ECB, Christine Lagarde.
The objective is to adapt public money to the generalization of digital payments and to offer a complementary means to existing solutions. According to the text, theopening a digital wallet will be free, whilea ceiling – not yet set – on the holding of virtual euros per person will be put in place in order to prevent individuals from massively transferring their money from commercial banks to the ECB.
A “traceable” currency
Aurore Lalucq, chair of the Economic and Monetary Affairs Committee of the European Parliamentthis new currency will be an asset for the continent. “ The digital euro is an essential tool of sovereignty against American payment players »defends the Place publique MEP in a column published in The World, deploring that Europeans today largely depend on foreign payment infrastructures such as Visa, Mastercard and American Express.
The other argument put forward by the left-wing elected official concerns the rise of stablecoins, private digital currencies whose value is linked to a traditional currency – such as the dollar or the euro – in order to avoid strong price variations. However, 95% of them are today indexed to the American dollar.
“ The cost of implementation is estimated between 18 and 30 billion euros”
If the text adopted by the European Parliament provides guarantees in terms of privacy protection, some elected officials denounce a risk of increased financial surveillance. “ Who wants to live in a world where the simple click of a European technocrat could, one day, exclude you from the banking system? » asks Sarah Knafo to the Tangwall Campagin, describing “ a centralized and traceable currency, with a holding ceiling that can be modified arbitrarily ».
A cost considered disproportionate
Charles-Henri Gallois, economic advisor to the National Rallyaims to be reassuring in the face of concerns linked to possible surveillance of users. “ Digital payments can already be traced. There is no need for the digital euro for this »he says. According to him, the main problem with the digital euro lies elsewhere: the project turns out to be expensive… and its benefits for consumers remain to be demonstrated.
“ The cost of its implementation is estimated between 18 and 30 billion euros, but we know very well that it could be more”affirms the economist, judging that this new currency would not bring concrete change in the daily uses of users, who already use means of payment such as Apple Pay or Wero on their mobile phone.
