digital euro

The European Central Bank's digital euro has been used for the first time in wholesale financial market transactions, marking a milestone in the currency's development. The move signals the eurozone's push toward central bank digital currency infrastructure, with bankers and policymakers watching how wholesale settlement in digital euros could reshape payments and market operations.

The Council of the EU is raising the question of whether Europe should develop its own payment system, less dependent on foreign card networks and platforms. The discussion taps into debates over digital sovereignty and the EU's plans for a digital euro, with supporters arguing strategic autonomy in payments and critics questioning the cost and need for another system.