The European Parliament voted in Strasbourg on Thursday, July 9, 2026, to advance the legislative process for the digital euro.
A strong majority supported entering the next phase of negotiations with EU member states to establish the regulatory framework for the central bank digital currency.
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Developed by the European Central Bank, the digital euro is designed to function alongside physical cash and serve as a resilient alternative to private American payment giants like Mastercard, Visa, Apple, and Google.
The infrastructure aims to secure European strategic autonomy, lower transaction fees for businesses, and maintain operability during power outages or cyberattacks.
The legislative framework will also govern the deployment of digital euro services across non-eurozone EU members, including Denmark, Hungary, Poland, Romania, the Czech Republic, and Sweden.
Supporters of the initiative emphasized the geopolitical and technical necessity of establishing an independent European payment infrastructure to mitigate vulnerabilities to foreign intervention.
"The urgency for more European control over our payment systems is evident to reduce costs for businesses and protect against foreign interference," said Dirk Gotink, a Member of the European Parliament from the NSC party.
Gotink noted that the digital currency serves as a protective measure against external political risks, specifically referencing instances where foreign leaders could disrupt regional financial systems.
"If Europe truly wants to stand on its own feet, you must have your payment systems in your own hands," stated VVD lawmaker Anouk van Brug, who noted that self-reliance enhances resilience during digital infrastructure failures.
