European Union leaders see a digital euro undertaking as an opportunity to preserve the value of the shared currency.

“The entry of big tech into payments could increase the risk of market domination and dependence on foreign payment technologies with consequences for Europe strategic autonomy,” European Central Bank President Chistine Lagarde said today in a video statement opening the Digital Euro Conference in Brussels.

“We are lacking a pan-European digital solution for payments. If we do not come with solutions, others will,” Breton continued.

The ECB is currently investigating the possibility of launching a CBDC. Once the prototype is designed and evaluated, the ECB will announce by September 2023 whether a realization phase will follow.