On 24 June 2026, European Commissioner for Trade and Economic Security Valdis Dombrovskis, in a keynote speech at the inaugural Brussels Financial Market Forum, argued that the digital euro is essential for Europe's monetary sovereignty and strategic autonomy, and confirmed that final adoption of the legislation would pave the way for a first issuance in 2029. Dombrovskis noted that an agreement reached in the European Parliament the previous day means legislative negotiations are on track to enter their final phase. The speech contained concrete proposals: a 2029 issuance target, a reference to the Single Currency Package's legal proposal on strengthening the role of cash, and a commitment to cash-like privacy for offline digital euro payments. On the competitiveness agenda, Dombrovskis cited twelve Omnibus proposals already tabled to cut red tape, claiming over €18 billion in annual savings for companies, and mentioned new trade agreements with Mercosur, India, Australia and Indonesia. He also referenced the December 2025 Economic and Financial Affairs Council call for ambitious simplification of financial services regulation, which the Commission is now working to deliver.
The digital euro, Dombrovskis said, is not about replacing cash but about ensuring public money remains usable in a digital world where cash payments have dropped from 72% to 52% of point-of-sale transactions in the euro area between 2019 and 2024. He cited a Deutsche Bundesbank study showing that cashless payments in Germany exceeded cash for the first time in 2025, at 55% of purchases. The Commissioner framed the initiative as a response to the dominance of non-European payment providers, noting that almost two-thirds of card transactions in the euro area are carried out by non-European companies and that thirteen euro area countries rely entirely on international card schemes. He argued that the digital euro would complement private payment solutions, not compete with them, and would provide a foundation for European alternatives to scale up.
On privacy, Dombrovskis stated that the digital euro would offer cash-like privacy for offline payments and a high degree of privacy for online payments, balancing citizens' legitimate privacy requests with the need to counter money laundering, terrorist financing and fraud. The speech did not provide new details on the technical design or distribution model of the digital euro, nor did it address potential costs for banks or merchants. The Commissioner's remarks on competitiveness remained at a declarative level, listing ongoing initiatives without announcing new measures. The speech overall shifts the policy orientation towards a more assertive approach to reducing external dependencies in payments infrastructure, while maintaining a conciliatory tone towards private sector involvement and cash preservation.
For European consumers, the digital euro would offer a state-backed digital payment option with enhanced privacy, potentially reducing reliance on foreign card schemes. For non-European payment providers (e.g., Visa, Mastercard), the initiative could erode their dominant market share in the euro area, as a European public alternative gains traction. For European banks and payment service providers, the digital euro may impose compliance costs for integration and distribution, but also opens opportunities to develop innovative services on top of the digital euro infrastructure. For EU regulatory bodies (Commission, ECB, Parliament), the successful adoption and rollout would strengthen the EU's digital and monetary sovereignty, though the 2029 target requires sustained legislative and technical progress.