Introducing a central bank digital currency (CBDC) in the Eurozone within a few years is widely considered a foregone conclusion. That’s partly due to the European Central Bank’s (ECB) enthusiasm. However, this is all subject to the approval of supporting legislation for the digital euro. While draft legislation has been discussed and debated, it was not approved by the full parliament in advance of this week’s elections. Subject to numerous caveats, the provisional election outcome looks favorable for the digital euro.
In February, the parliamentary European Committee on Civil Liberties and Justice (LIBE) voted overwhelmingly in favor of the latest digital euro report. Forty eight MEPs voted in favor with just six opposed and seven abstentions.
All the left-leaning parties voted in favor – the S&D, Renew, Greens and The Left. They were also joined by the EPP, the central right party, which was and remains the largest group of MEPs and was part of the last ruling coalition. Assuming the same parties vote in favor, they control 68% of parliamentary votes after the 2024 elections.
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