Italian banks support the European Central Bank’s digital euro project but want the investments they need to implement it spread over time because costs are high, a senior official at the Italian Banking Association (ABI) said.
The ECB is working on a digital version of the single currency to strengthen the eurozone’s monetary sovereignty, but the legislative process has been slow as some French and German banks have particularly opposed the project. They say this could lead to millions of Europeans using the ECB’s online wallet for everyday payments, draining their bank deposits.
“We are in favor of the digital euro because it embodies the concept of digital sovereignty,” ABI Director General Marco Elio Rottigni said at a press seminar in Florence.
“However, the costs of the project are very high in the context of the capital expenditure that the banks have to bear, which could be spread over time.”
The ECB’s plan aims to ensure that central bank money remains accessible and relevant in an increasingly digital economy, while reducing dependence on non-European payment service providers and responding to the growing population of stablecoins.
At a meeting in Florence on October 29 and 30, the Governing Council of the ECB decided to move the digital euro project to the next stage, after the end of the two-year preparation period, reports PC Press.
Launch is expected in 2029 after a pilot phase in 2027, subject to the adoption of EU legislation expected in 2026.
Member of the European Parliament Fernando Navarrete from the Spanish People’s Party is leading the parliamentary evaluation of the digital euro. On 28 October he presented his draft report promoting a scaled-down version of the scheme to protect private payments initiatives such as Wero, which is backed by 14 European lenders.
“We are in favor of a dual approach, a central bank digital currency and commercial bank digital currencies that can develop faster, because what Europe should not do is fall behind,” Rottigni said.
