"The delay of the digital euro harms Europe" - German Vice Chancellor Klingbeil: It is important for the sovereignty of the continent
German Vice Chancellor and Finance Minister Lars Klingbeil has stated that progress should be made with the digital euro, as delays are harming Europe.
The digital euro, a legislative proposal currently being discussed among the European Union institutions, is currently blocked in the European Parliament, where MEPs working on the issue are trying to reach an agreement.
"It is essential to advance the digital euro as quickly as possible and all those responsible for making decisions must be aware of this," Klingbeil stressed.
The digital euro will be an electronic form of cash issued by the ECB and would serve as an additional form of payment that complements cash and cards issued by commercial banks.
"We want to push forward the digital euro because it is important for the sovereignty of our continent, but cash will, of course, remain," the vice-chancellor explained.
Unlike everyday card payments, where payments are "private", the digital euro would allow citizens to directly use "public" digital money, which is now mainly available in the form of cash.
According to the European Commission's proposal, the digital euro would include a digital wallet that could be used both online and offline, with payments that would not be traceable.
The proposal for a digital euro has gained great importance following economic tensions between the EU and the US, offering an alternative to Visa and Mastercard, two US-based payment systems used in everyday life by most Europeans.
In Europe, Mastercard and Visa account for 61% of card payments and almost 100% of cross-border ones, according to data from the European Central Bank for 2025. The European Parliament is expected to vote on the digital euro in May.
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