The European Parliament’s economic affairs committee voted on Wednesday to advance the European Central Bank’s digital euro project, marking a decisive step toward the EU’s first official digital currency. The committee endorsed the proposal with clear majorities, while also reinforcing protections for cash use across the bloc. The move underscores Europe’s push for strategic autonomy in payments, aiming to reduce reliance on foreign-dominated digital payment systems and unfriendly third-country technologies.

The committee’s approval follows months of technical and political scrutiny, with lawmakers emphasizing the digital euro’s role in modernizing Europe’s financial infrastructure. “This is not about replacing cash but ensuring Europe remains in control of its monetary sovereignty,” said a spokesperson for the European Commission . The ECB has signaled that the digital euro would complement existing payment methods, offering a secure, privacy-respecting alternative to private cryptocurrencies and foreign payment platforms.

The vote coincides with broader EU efforts to strengthen its digital and industrial resilience. On Wednesday, the EU also announced plans to invite carefully vetted social media influencers to cover high-level summits, provided they align with the bloc’s values—a move critics argue risks politicizing media access. Meanwhile, Turkey revealed a new quantum technology roadmap for its defense sector, highlighting the accelerating global race in emerging technologies that Europe is now scrambling to join.

The digital euro’s progress has drawn mixed reactions. Supporters argue it could streamline cross-border transactions and reduce costs for businesses and consumers, while skeptics question its necessity and potential surveillance implications. The taz newspaper dismissed the project as “completely unnecessary,” calling it a “PR stunt” to counter hype around cryptocurrencies . The ECB has yet to finalize key design features, including privacy safeguards and offline transaction capabilities.

With the committee’s backing secured, the digital euro now faces further legislative hurdles, including a full parliamentary vote expected later this year. The ECB has indicated it could begin pilot testing as early as 2027, pending final political consensus. The project’s success will hinge on balancing innovation with public trust—a challenge that has already delayed similar initiatives in other regions.

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