Why are the banking lobby afraid of a digital euro?

In this March 2024 EUobserver opinion piece, we argue that a well-designed digital euro could modernise cash for the digital age. It would offer public money that is safe, private, free for consumers and reachable through many providers. Banks, however, see it as a threat to their central role. A two-year lobbying campaign has pushed for limited use and reliance on existing bank infrastructure. We urge the European Parliament to resist and back a competitive, fair digital euro.