ECB's Philip Lane voices support for creating digital euro

Philip Lane, chief economist at the European Central Bank (ECB), emphasized that the region needs to create its own digital currency now more than ever amid rising geopolitical tensions and rapid technological developments.

The ECB launched the digital euro project back in 2021, the preparation phase of which is expected to be concluded by October 2025, according to Bloomberg. However, this initiative requires the adoption of relevant legislation by the European Union. The process has stalled, the agency reported.

ECB head Christine Lagarde also supports the idea of creating the region's own digital currency, showing the same stance as Lane. The introduction of modern technologies will allow the European countries to keep up with the times, strengthen sovereignty, and reduce dependence on foreign currencies in the context of geopolitical uncertainty.