The euro is not going to become a global reserve currency overnight, says Christine Lagarde, the president of the European Central Bank (ECB). The ongoing confrontational approach to foreign policy and trade is ramping up the discussion around this issue. At the heart of the matter, three major challenges stand out: reducing dependence on US payment infrastructure, completing the EU reform agenda, and making the euro a competitive global currency. In a world where the dollar’s supremacy is increasingly questioned, these challenges are more pressing than ever.
During a recent event, Lagarde pointed out that US giants Visa and Mastercard control a staggering 61% of card payments within the eurozone, not to mention they handle nearly all cross-border transactions, according to ECB data from 2025. This heavy reliance on US-based payment systems has set off alarm bells across Europe. To tackle this issue head-on, the EU is pushing for the approval of a digital euro, a public digital currency that would be backed by the ECB and designed to work alongside traditional banknotes. The legislation is anticipated to be approved by the end of 2026, with a crucial vote scheduled in the European Parliament on Tuesday.
In tandem with the digital euro initiative, the ECB unveiled a new payments strategy at the end of March. This includes the establishment of two new network infrastructures known as “Pontes” and “Appias.” The aim? To anchor central bank money, safeguarded by the institution, within this evolving, technology-driven payments landscape. Lagarde highlighted that developing such infrastructures is a pressing priority, alongside the digital euro’s approval and the reform of European capital markets.
Moreover, the ECB’s international role is set to expand with the creation of more euro-denominated stablecoins, according to a European Commission document detailing the euro’s international role, which was reviewed by Euronews. The stakes are high here, as the euro’s ability to stand toe-to-toe with the dollar is under scrutiny.
Yahu, bu durum gerçekten ilginç değil mi? Avrupa, kendi para biriminin küresel alanda daha fazla etkili olmasını istiyor, ama önünde büyük engeller var. Bakalım, bu dijital euro ve diğer reformlar ne zaman gerçeklik kazanacak? Gelişmeleri merakla takip ediyoruz…
Kaynak: Orijinal Haber